House was built in 1907 on a rock foundation, has floor sag, and original wiring and plumbing.

If you are starting out, I think it makes more sense to chase cash flow to build a solid foundation; then, you can start to add appreciation plays to your portfolio as long as you have a reliable stream of cash flow already coming in. 

It explains the team that you should develop to have a strong foundation under you while investing remotely.https://www.biggerpockets.com/blog/core-four-real-estate-team

The pros: - not having to do a major renovation from out of state- easier to get a conventional loan since the house is livable vs. a distressed property (would need to pay cash, do a hard money loan, some other type of financing)- can get a tenant in quicklyThe cons: - you don't know how good the renovation is, could be cosmetic without addressing underlying safety issues (plumbing, electrical, foundation, etc). - a home can pass an inspection but once someone is living in it and putting daily stress on the house (turning faucets on, light switches, turning on heat/AC etc), things can start to malfunction.

@Megha Malhotra I've heard good things about @Engelo Rumora  Hi Taz,Appreciate the mention 🙏You guys set the standard we do our best to follow 👍Hi Megha,Happy to assist if you are interested in the Ohio market.We aren't perfect but always do our best.We also only work with investors looking to purchase with cash so keep that in mind.Reasoning is two fold:1) I don't believe investors should build the foundation of their portfolio with leverage (Especially now in this high interest rate climate).

Side Hustles: Freelancing, real estate agent work, tutoring, ride-sharing/delivery, or starting an online store.By diversifying your strategies and staying focused on your goals, you can successfully purchase your first rental property and build a strong foundation for your real estate portfolio.

You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

My primary question is: Should I focus on buying a multifamily property and growing slowly to build a stable financial foundation, even though my area would have minimal cash flow and be more of an appreciation play?

The main wild card is the foundation cost. 

We know how important loan documents are in any transaction as they are the structure and foundation for the repayment of the debt and its security.