Supply side is most probably copper, though galvanized is possible.If you were planning to flip the house, you could apply lipstick and pass the need for a mid-life retrofit off onto the buyer ... though if your objective is to make a career out flipping in that markt, you might think differently.If you are planning to hold this property as a rental then it is in your long-term interest to upgrade as many of the building systems (starting with the envelope) as you can manage before applying the cosmetics.In your position, if keeping the property as a rental,, I would plan to upgrade the building envelope (walls to R23, roof to R40+), install a proper vapour retarder and HRV.  

When objectives differ then it can become difficult, especially when liquidity is problematic and circumstances change over long periods of time (as pointed out by Mike Dymski).I also agree with Chris Martin’s response – rather than jump into something big, I would prefer to partner with some people, get comfortable, then scale.Legal aspects can be solved.

Payments on these loans will likely be interest and principle payments, interest is deductible, principle is not. 

I already have a principle residence that I absolutely love so I'm hoping to find a way to do this without moving.

, but whatever amount it is, I feel it is my duty to keep it invested in a way to absolutely protect the principle, and only use cash flow (rather than equity) toward my own other investing. 

Or he could use the balance transfer checks to get a lower interest rate of zero percent for a time period where he can work towards paying down the principle.  

What are your short term 1 year medium 3-5 years and long range objectives 5+ years and how does holding vs selling into these plans?

My objective is to reinvest to a more expensive property in Texas utilizing a 1031 exchange.

There are a lot of free and low cost options out there for education on the basic principles.

My main objective for signing up is to learn about real estate investing and specifically multi family.