Scared hell out of the neighbors and chewed hunks out of the basement staircase treads.

But you should be in and out of any given (average - contingent on location and market) flip in four to six months.Start off modestly, and don't bite off more than you can chew.

And also more details on this biggerpockets post: https://www.biggerpockets.com/forums/522/topics/212557-garfield-nj---12bdrm-quadplex---1st-home-purchase---biting-more-than-we-can-chew

Over the long term, you can't go wrong with a property that you live in and provides you with income, as long as the numbers going in work.Since you have never been a homeowner or landlord before, starting this way will allow you to get your feet wet without biting off more than you can chew, IMO.

Permit fees, labor and material would chew up the other 4k.

So many tell you hurry get into real estate now, take action, get started no matter what but there should be room to allow for the exercise of wisdom and not taking on more than you can chew. 

This business can chew you up and spit you out!

I manage nearly 300 rentals so I would spend the money on a large complex or a couple smaller complexes. 30 units would only increase my workload 1% which is nothing and I could get a far better rate of return than I would get with single-family or duplexes.If you are less experienced, you don't want to bite off more than you can chew and turn it into a full-time job.

And I agree to an extent, but I need to chew on this subject awhile for the sake of focus.I'm writing my goals for 2014 and am not sure what route to take.

I won't bite off more than I can chew, but just want to hop all the way in and not bothering to check and see if the water is cold or not (if you catch my drift).That being said, how do you experienced folks feel about buying a portfolio of rentals from an investor who is trying to get out, as opposed to SFH's individually?