If you buy in desirable, growing areas, you will build up cash flow over time AND have equity growth.

I'm 25 years old, have 3 children and have a lot of dreams and goals with a huge desire to make them come true.  

I have a strong desire to be successful in real estate investing, however I need a place to start.

Networking here will help you learn, build relationships and meet other investors who share your dreams and desires.

I set the value of my time based on my experience, knowledge and my ability to complete the project on time, on budget and at the level of quality you desire.

Buy in desirable neighborhoods, rehab to a standard that you would want to live in the rental. 

When you're ready, here are some good DO's and DON'Ts when getting bids:DOWrite out a detailed scope of work that outlines exactly what you want to do.Clearly define what (if any) materials you will buy and what the GC will supply.Get multiple competing bids.Check GC references, call past clients of theirs and possibly even ask to see their work.Closely analyze each bid and ask a lot of questions on things that are not spelled out.Ask each bidder for an anticipated schedule for the work to be completed.Ask each bidder about their desired payment terms.Sign a contract/written agreement with the successful bidder.DON'TWaste people's time if you're not serious about hiring them.Walk the job with competing bidders at the same time.Assume that all GC's will see the work happening the same way.Pay large sums of money in advance unless it's justified.  

Or has the change in occupancy allowed me to back out if I desire?

I do understand how that's rather desirable, giving you better cashflow, an exit strategy, etc.

We plan on listing it for sale in January 2017 again but he keeps stating his desire to purchase.