I focus heavily on the sell side and on the buy side only work with high net worth individuals so the newbie wanting a 400k multifamily with an FHA loan probably isn't for me. 

Here are the details:A friend wants to sell us their house that currently has a VA loan mortgage.

What questions should I ask to understand the property’s condition and the heir’s willingness to sell?

In exchange, I have first rights to sell the property through a power of attorney. once it sold, the seller get his agreed price, and I get the rest.

I feel a loss of direction and that makes it really hard for me to focus and build.Do we keep at building a portfolio of small multi family (very abundant in my market, very rare to find anything above a triplex for sale), with plans of selling the portfolio and 1031'ing into larger properties? 

Single-family homes benefit from a larger buyer pool, appealing to families and owner-occupants, which makes them easier to sell.

Could you put it on a CC and pay it off within the billing cycle with either your income or selling some stock if absolutely necessary?

They may sell in a few years when interest rates drop or keep it longer term as cash flow on the property improves!

The seller is selling because of problems they may be facing. 

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.