What exit strategy are you aiming for?

I have used 3 different lawyers, several real estate agents and list goes on.I wish you all the success and prosperity in your venture... just make sure you measure twice then cut once!

Although you may find yourself frustrated with limitations of cash only growth and be tempted to leverage the cash assets - again not a problem in measured amounts as you said.The run up of your CA property has positioned you to take advantage of this right now which is a rare combination of events happening only in a small portion of a macro market cycle.  

The fact of the mater, I think it would take a minimum of 5 years of consistent persistent focused action as well as a measure of luck to come up with $1M when starting with little to nothing and working part time. 

Most SFH and small multi investors don't use cap rate, that's really more of a commercial measure, but you could use it if you like, just be consistent about how you calculate it and come up with a number that works for you.

@Will Biestek In the past my door knocking was aimed at getting listings.  

My advice is, if you are just beginning don't aim for GTA, it will be really difficult for you succeed in a market like this, so better start with something smaller than move up.

Both rented and positive cash flow.Subject Property:  Traditional detached SF property in NJPurchase amt 410k10% down (don't have funds to do 20% unfortunately)While I am confident in my mtge guy, for prudent measure I wanted to check w/ the BP community to confirm the following..Freddie:  'My income is too high' (Can certainly give figures, but not sure how to break it down.. 2017 salary + bonus; Rental income, 2018 salary formally approved and documented, but not effective until July; and 2018 bonus (which I have received already)FNMA:  'To get a second FNMA mtge, I need to put down 20%' (which I would like to do, but cannot come up with an extra 41k)FHA:  'My only option' (with the 1.75% upfront PMI and monthly PMI for life of the loan). 

You should aim to pay between $40,000 and $60,000 per unit depending on condition. 

If its SFH/4units I'll look at the comps to see what the property is worth, I'm aiming to get as close to 20% as possible, sometimes I can get there through a value add after purchase i.e. add extra bedroom, garage, etc. other times I come just short of it.