I would suggest focusing on Norfolk over Portsmouth,  its a better market with more appreciation. 

I’m also a newbie to commercial real estate, focusing on multifamily, but I’ve found that many principles overlap across asset types.

.• Use some equity from the sale to make this transition smoother.I’m torn between maintaining our current home as an asset and buying  a new smaller house to use as a rental after we move back in versus simplifying and focusing on a single upgraded property Considering factors like market trends, potential equity growth, and quality of life, which path do you think would be most beneficial?

Kindly let me know if possible.RegardsHey Kemi, I'd suggest working with an investor focused agent who also invests themselves. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

I feel like there are some strategies and follow up I'm missing and hoping to work for a capital raiser or an investing group as a capital raiser, so that they can focus on what they excel at, rehabs and project management.

Getting one property and cashflowing it will be a challenge. you can try seller financing but you are still going to be highly levered which just enhances the risk that you are taking on.The best way to grow is to focus on managing your rental, saving money through your W2 and crushing that - if you are a realtor you will make more crushing it as being a realtor than over leveraging real estate - then save for down payment and buy slowly. its not a rush.

@Chase PomerantzWhen starting with rental property investing, focus on understanding the local market, laws, and setting clear investment goals.

It’s all about those margins, so once you get that walk-through done, focus on nailing down your numbers for rehab.

In the meantime, focus on building your credit, saving for a down payment, and soaking up as much knowledge as you can.