The condo I am looking at is close to the new Aquarium that is going up, the new Grand Village, etc..I feel like as a buy and hold it is fantastic since it is guaranteed to appreciate but also as a completely remodeled 3/3 so close to the strip, I could do well with STR and at a longer renting period as opposed to golf/lake rentals.

Cleveland is a great rental market, with a low cost of entry and strong rents. 

It current fetches about $55K a year in rents.  

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

What kind of pricing do different parts of NJ bring for multifamily and what kind of rent-to-income ratios, any problems you guys generally see?

Picks them up for 10-20k, rehab enough to rent.

I like to use a flat amount compared to a percentage since rents can vary depending where the property is located.

If the property can qualify off LTR rents, I would advise going that route since you will have a favorable interest rate. 

I live in miami florida now and I moved for larger scale developments here because of the net migration but columbus ohio the economics allow for that. existing inventory has been tougher and at the pricing inc columbus you may as well build new because you can build new less than replacement costs in a lot of the markets downtown. it's about being in adjacent downtown neighborhoods where property values and rents are higher. land values are the biggest driver of how well you can buy land to develop followed by permitted uses or rezoning applications. 

Refinance and rent the mobile out, already have tenants interested.