How big is too big for your fist multi-family property?

[Benjamin Wattay]

When it comes starting out in multi-family rental properties, how much is too much starting out?

I am running numbers, talking to two realtors, my local property manager and potential partners on a set of dozen condos that are less than 15 years old. The property has been for sale for about a year and has been listed well above what they are appraised for. I believe I can bring it down to 70 cents on the dollar if the seller will to do a sub-2 with me, and a little less if one of my partners goes in on it with me. 

My issue is that I'm 23, have only had experience with single family homes, and I'm an Officer in the United States Navy. I would have a property manager take over the work when I transferred to a new location.

If do the sub-2 the deal would cost me over a million, with a rental income of close to 140k per year at max (all units rented)(all of the units have a good rental history, many having occupants living in them from 2-3 years). If I have to get my own financing, my partner and I would have to take out over 500k each or find a third. 

I have excellent credit, and have a great property manager itching for a dozen more doors, BUT I have doubts based on me being in the military and not being able to watch it myself. As well, being as young as I am and taking on the biggest real estate deal I have ever done. In the case that it turns sour, could hurt me significantly for the rest of my financial life. 

Is this too much? and if not, what can I do as a young investor in the military to better prepare myself for something this big?