Liability risk is high, insurance coverage will be an issue, you will get sued if there is a drowning and a waver will be of zero protection.

We have 3 homes leased, 2 rehabbing and a seller financing deal for 3 doors in a multifamily.  

It sold about 2 years ago and as far as I know the owner is still alive

Any recommendations for an appraisal company in New Jersey that those mixed use would be greatly appreciated.We are receiving a very high budget and a long time frame.

Just going to use a first and a second.

My son has special medical needs, and as he grows he will need a specialized van to go on longer trips. 

There are forms of "illegal flipping" which involve selling a property on CD to someone with a large down payment and a poor ability to pay. 

Zoning for 3 and 4 units might be the same and it's not really the ground to litigation unless you're the seller and didn't know that and, as result, lost $350K on sale.

I also suggest a bug inspection and a sewer line inspection. 

In one breathe you do not want to be a sponsor or managing member but in another you are not wanting to be a passive investor in a larger syndicate.It sounds like you do not want to to work for the yield a sponsor gets but want more return than a passive investor gets as standard investing in a syndicate.Sounds like you are looking more for a joint venture arrangement.Brian Burke is out that way and a member on here and he does large multifamily syndicates.