New member from Southern California

[Alex Knights]

My name is Alex and I'm an actuary looking to get started in real estate investment while keeping my full time job. I've read the Ultimate Beginner's Guide and continue to read blogs as able during my commute. 

After reading UBG I've decided that the area that I'd like to settle into is multifamily rentals. I'd like to start with at least a 4 unit building. I currently own my condo located in Glendale, CA and am thinking about using the equity available (somewhere between 50k and 100k) for my initial real estate investment. This is the first item I'd like advice on (HELOC or refinance and take out cash. Right now I'm thinking HELOC.)

Being realistic, the market is quite pricey here in Southern California so as I'm reading the blogs, I'm doing my best not to be fearful about having my first investment out of state. Thus far based on browsing on loopnet.com, Tampa, Florida and Hagerstown, MA appear to have properties available that fit my budget and desired unit size (4-10 units). This is the second item I'd like advice on. 

My goals:

1. Short term (1-2 years): generate $2,000 cash flow after expenses per month (child care costs)

2. Medium term (3-7 years): generate $5,000 per month (children's school costs plus mortgage on new home, will need to assess if to hold on to condo or not. Right now thinking to hold on to it for long term because of the location, equity should increase signficantly)

3. Long term (7+ years): generate $10,000 per month (school costs, mortgage, college, leading to retirement). By this time I'm thinking one 50-unit building should be able to generate this cash flow. 

As I mentioned, for the time being I'd like to stay full time on my current job. I plan to have a management company handle the day to day stuff. 

So there it is. My introduction. Be nice now! :) I've seen how critical comments can get. Just kidding. Looking for constructive guidance (and let me know if you have any questions on being an actuary).