I would consider the opportunity costs of not doing a refi now and not buying another investment property now, while sellers are more flexible and buyers are increasingly having more negotiating power when it comes to price, concessions and repairs.

Most likely they are also in a similar boat as you and you could perhaps workout a scenario where you pool your capital/efforts together to work on your first deal. 

In fact, you can combine this with an SEO expert, and for relatively few dollars create a powerful and profitable “persona” whereby you have potential listing leads contact you.  

Also, it’s depends on my negotiating power and current bids for property.

It's the most powerful thing you can do 

She is on a fixed income and I know any rent increase would give her less spending power on herself.

Medical Payments (covers medical costs of an accident on the property)There are many endorsements available and you should discuss the coverage with a qualified Independent Agent (they represent multiple companies).An Umbrella policy provides an Liability Limit that can provide coverage if a claim exhausts the limits of your Homeowners, Auto, Boat, motorcycle, etc. policies.   

Here's a guide that describes what good cash flow looks like and how to analyze a property.https://www.biggerpockets.com/...Read about the power of leverage.

I also understand the power of commercial / large multi family investments, considering my family's multi-family home is under an LLC, but I also see how much work it can be.All in all, it would be nice to hear from anyone in the BiggerPockets community, specifically- what everyone recommends as the best way to get started in NJ, what makes sense for my situation, and what areas do you see the most cooling / opportunities in.

The location we chose will be a 4 season rental (skiing, snowmobiling, boating, fishing, golfing) with lake/dock access.