Are you financially in a position to handle the cost to see this project through?

You either get private lending which is based on deal (and experience) or use your own funds I agree it’s just that I haven’t been able to find a fairly priced course for beginners like myself to jump into that details how to get started in fix and flip strategy or the BRRRR method strategy so when i was baited into the Jake fix program through ads on IG i was very interested.

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.

We can cover that monthly but would be happy with a 50% occupancy to help offset those costs.

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?

Your ONLY cost in a rental is the cash you come up with. 

Yes for sure - you should definitely check out hard money loans to assist with the purchase and then "DSCR Loans" for the cash-out refinance (DSCR Loans are made particularly for investors like you - no DTI or W2 considered at all)Published an article last year on BP on this exact topic (BRRRR method financing options) hope it helps!

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.