. $16k entry cost plus closing costs.I have 20k saved in cash$83,000 pp 2bed 1bath 950sqft.

You don't have a lot of equity in it after you factor in closing costs and realtor's fees. 

I live in NJ, and it has a very high cost of living and with the current rate of interest, makes it a very pricey market so to say, and not that investment real estate friendly.

Hey Anne, I'd suggest you do some research on the MTR rental rates and vacancy rates in your target area and understand the costs involved in renovations, financing and property management.

When you start looking for multi families, you should look in their areas because they will be the lowest cost property management option.Can you tell me more about your Myrtle beach property, how you found it and how your experience has been with it?

Find architects or designers, engineers of all types, general contractor, etc. to design the project, and know how to keep the design where it's functional, cost effective, but has appeal.

Again, I envision five families working together to cost share a property. 

That being said, they are extremely costly and expensive and generally do not make sense for smaller transactions. 

Look into the cost of this for both partners and all the necessary schedules that will need to be generated . 

You clearly have little knowledge of how to run a business and the costs associated with it.