^^^^^^^If it were me, I'd pay off the entire credit card then turn around and build up my savings. 

This is a way many new investors start out and slowly build up there portfolio. 

I plan on doing some flips in the Alexandria/Northern VA area with partners who have a proven track record, build up some capital and continue to work towards getting into the multi-family space in locations where the numbers work. 

The expectation would be that I can at least do 4 flips a year (average $30K) to cover our living expenses and let the rental income build up the cash reserves month-over-month for vacancy, repairs, capital expenditures, etc.; however it would be a safety net from month to month, if needed.Request: I want to know any and all of the possible financial or other real estate investing issues that I might come up against that I need to be prepared for that could put me in a precarious financial situation.So please, unload any and all possible events that would make this scenario something that would put my financial situation at risk.Thanks for your time!

Build up your credit and then you should be able to start purchasing properties under it. 

Buy/hold is slower income build up but it is sustained and grows throughout your lifetime. 

That could even be part of my marketing.If I did enough of them with 21st or Triad, and consistently brought them lower-income but still decent, on-time paying buyers I could build-up some goodwill with the lenders that might come in handy down the road for bigger projects.

I guess I'll need to buy more properties using cash, in order to build up my experience.  

For Medicaid there is a 5 yr lookback on assets/funds - Medicaid can pay for assisted living - however few facilities work with medicaid (or whatever the program is called in your state - in KS it's called HCBS - Home & Community Based Services)  - I'm not fully educated on medicare which kicks in for SNF - skilled nursing facility -- so I do not know the nuances of that -- if there's proof of elder abuse regarding funds I'd guess the local authorities and possibly Medicare/Medicaid could come after the guilty parties.

Should I just save until I build up enough capital to get started?