Thanks for the responses all. I'll take this inline:
@Account Closed - I'm familiar with LLCs, but in reading through some items on here, I was concerned that doing it that way would cost me profitability. I think I'm well insured enough personally to withstand a lawsuit if I really had to (umbrella policy), but it's one of the reasons I was talking about talking to the tax person first, before making any further decisions.
@Bill Gulley - No argument about learning the market. It's why I'm doing this 7 months before I even really consider making a move (that and capital accumulation). As far as flexibility is concerned, I don't foresee myself switching back and forth very often on my chosen formula. While I will have enough to start this process, I won't have tons of capital to have a number of projects open at a time. My idea is to slowly accumulate turnkey properties to rent and hold, for long term asset accumulation. I'll, of course, sell those off when I think it's appropriate to do so down the line, but I doubt I'll ever be much of a flipper.
@Account Closed
Goals - long term asset accumulation to allow me to retire before April 27th, 2029. I plan to do this by buying and holding turnkey assets long term, to allow passive income to grow, while requiring minimal active effort on my part (I do have triplets, after all). I'd like to be able to stop working my 9-5 by the above date, but without taking on unnecessary risk.
Cash Flow - This is the part that I'm very unfamiliar with as far as what it will take to achieve. But, in my mind, I'll want to accumulate enough properties in 4-5 years to be able to make the business self-sustaining. What I mean by this is that I want enough income from my properties to be able to purchase another property in a years time, without me having to add additional capital.
Time - yes, this goal is to be able to spend time with my kids. Not immediately, but without tons of additional time that will take away my free time from my 9-5 with them. Not familiar with the PREIB term (couldn't even find it on Google!), but that doesn't sound like what I'm looking for. Eventually, I want to be able to ditch the 9-5 and depend solely on my investments to provide for my family - but I expect this will be years away. At that time, I'd likely take more of an active role in my REI business.
Basic plan (just anticipating one of the next questions). I plan to have around $50,000 put aside for this business around Q1, 2016. My very brief investigating shows me that this should allow me a start in one of several areas in the Phoenix metro area, depending on what I ultimately decide to get involved with (single or multifamily). I'm comfortable with my ability to get financing from a traditional source (770+, no revolving debt, mortgage/car only debt, 60k cash I have saved for emergencies, not underwater on my mortgage), but will be looking at whatever my best option would be.
