$150k to invest in Martin County FL. Is timing right?

[Steven C Hazel]

My mom has bought and sold 2 homes through the "creative financing" taught by Carlton Sheets. I have experience in business but not REI, and she wants to partner with me (and put a 30 year mortgage in my wife and mine's name). We are considering quad-plexes in Martin County, St Lucie County, FL, and surrounding with the plan of my wife and I living in one, my mom living in one, and us renting out the other 2 until refi, when we would buy another property and move on.

We're also considering a more aggressive strategy where my wife and I could use an FHA loan for the 3.5% DP for our first Quad, then we would use my mom's cash as a DP on a 2nd property and by the time we refi the first, we'd be ready for a 3rd, within a period of 4 or 5 years. Is this realistic, or too ambitious?

I have to admit that seeing Florida's steep real estate pricing, I do wonder if this is like loading up on RE in 2007?  Would it be better to wait until the prices drop a bit?  We are extremely conservative in our risk portfolio with our initial investment.

Thanks for any and all help!!