You can always invest profit into a better candidate for "buy-and-hold".You may end up just wanting to clean the property up and make it presentable so as to entice a desirable renter (SCREEN - SCREEN - SCREEN your renters!!!).

The minimum code requirement for your area would be good starting point and if you desire more, so be it.With that in mind, you'll want to calculate the amount of material needed to get to that R-Value for the whole area being covered, and work from there to compare costs (factoring in equipment as may be needed if blowing in the insulation).  

I am particularly fascinated with buy and hold strategies using multifamily properties.I love my full time job and my addiction to football is incurable, so I don't have a very strong desire to do real estate full time and quit my occupations.

{I didn't know I was supposed to have at least 100 bandit signs to ger the best use, and the time consumption for Craigslist campaigns...all that time my friends saw me spending infront of a computer}But, the location wasn't so desirable for some, the profit margin wasn't good enough for some, the first wholesaler was playing too fast and loose and was way low on the cost of repairs.

After meeting with him and expressing his desire for privacy/discretion in sharing information he strikes me as the "millionaire next door" type - lives in a modest neighborhood, drives a modest car, does not want to be flashy, show off his wealth etc.We've had the chance to meet for 2.5 hours so far.He's in his 60's best I could tell - ready to retire.  

Also are they in desirable locations?

All I want to know is what kind of deals others have done so that I can maximize my return and the investor's desire to bring his cash to the table in the future.

However, with your first being owner occupied you can get by with a lot less down if that is your desire.  

I am exploring entering into a lease option on a prospective home in a desirable school district.  

combined with a huge desire to save money, I saved $7,000 in 7 months making less than $10 an hour.