Next Steps: Find lenders, network for private money, explore seller financing, and set up gap funding.

I'm the single breadwinner for my family (2 kids) so I don't know if I'd have the time and energy to both run this rental and manage my work so I can reach the income level to handle the bigger mortgage comfortably.I feel like this chance for us to have a rental property with positive cash flow won't come often so I really want to explore it.

I have been listening to the podcasts for a while but have just started exploring the website.

Of course, happy to connect you to local agents if you want to explore possibilities. 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

I am exploring options - sell his place, use is as a rental or take some equity out if it to purchase another property (I was thinking maybe a short term rental on the lake)?

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Lots of data there.

The replacement cost (cost to rebuild, not the value of the property) data providers are pegging the quadplex at close to $2M and most 1-4 unit rental property insurance programs tap out at $1-1.5M before you'd end up in a commercial insurance product.

This vary heavily town to town. 20% down is great if buying strictly as investment but if you have a way of owner occupying I would explore that route and apply the 20% down to increasing value of property and instead using low money down loan.