@Steve Babiak  @Jon S.Gas fired HWH while having the same capacity as an electric HWH, have a much quicker recovery period.  

I'm not selling on city or strategy, but there is ample amount of properties to achieve $5,000 a month cash flow quicker,cheaper, and easier.

Building constructed in 1980Present loan value appx $77k on a 15 yr note with 3.375% interestP&I pmt is appx $602NOI 2014 was $11489NOI 2013 was $5142      (spent around $4k on updates/remodeling)Appx $27k by my calculations of capital improvements needed in the next 5-10 years to increase the value of the property, properly maintain it, and keep it functionally up to date in order to attract higher quality tenants (located in a b grade area) (I'd rather have more invested to have higher quality tenants - have my own reasons for this line of thinking - willing to sacrifice a bit of profit to have good people)- Redo Kitchens- replace doors and all base trim/casing (more for my taste and would help the place rent out even quicker)- 2 escape windows installed for basement bedrooms- Concrete work needed on patios and near front of the house -- need to be done in the next yearProperty based on comps in the immediate area and a tight supply of decent duplexes here is $175-210k or so.  

Hopefully I can learn quicker and get that first deal.

I could have turned the property quicker and refinanced out sooner.

Holly Nole You have 20 years mortgages - so your mortgage payments are relatively high, but will pay off quicker, it is great !

It seems that their general consensus on real estate investing is to buy distressed properties, rehab and flip them, only holding and leasing them in some cases (I do plan on purchasing only distressed properties, unless an amazing turnkey opportunity presents itself) The way I see it is, in the short term, flipping is going to make you money a lot quicker, but, being so young and acquiring numerous property's at a young age, holding/renting and having them paid off by the time I turn 36-38 (if the plan doesn't deviate too much) is going to allow for a huge cash flow, help me to build my portfolio even greater and allow me to invest heavily in commercial real estate.

The other friend and I have minimal savings, but we have been studying real estate investing and determined that the friend with savings would help all of us reach our goals quicker.

I could have cash flowed a little more on another 30 year mortgage, but I figured the quicker I get to paying the property off the better. 

Occasionally landlords will pay our fee or a portion if the project is new development or they're looking to get a lease signed quicker.