A nice multi family property that you can do some light fixtures on sounds like a perfect strategy for you so you and your wife can have your own unit.

If a single-family owner-occupied property is worth $400,000 - I wouldn't invest more than $280,000 (70%) in a note secured by the property.ITV takes priority over desired yield - so even if the note discounts to $350,000 based on desired yield, the investor still won't go beyond their maximum ITV. 

The reason you would hire a licensed professional is to assist with you not gettting SCAMMED and help you with negotiating prices and terms...based upon State Law. 

We are based of course in one of the most expensive places to live yay to that.

In real estate there is no perfect deal or perfect market.

@Eric L ConryI would base it on your cash flow NEEDS, not wants.

You both have explained it perfectly.

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My answer for you is not based upon your Sub2 question primarily.