I've realized that it'll be difficult to scale on a part time basis while keeping a healthy family life, and I like my current profession too much to leave.  

You have a healthy down payment now, even with 50k, so don't wait till next year because in Chicago you will pay 5-10% more holding out 12 months.  2015 is the year for the Cubs and for @Daniel L. to buy his first three flat!!!

So a starting low cap of 4 and healthy increases gives them a blended cap rate of 5.5 to 6% over time.As a seller or a developer I would also think to myself to sell to these buyers for a premium.

I have a healthy rehab/unforeseen issues allowance budgeted, and have set my max bid, but am hung up on the post-auction/closing routine.

Thanks for the kind words everyone...it's important and healthy for the this community to inform each other of common pitfalls that can derail our goals!  

Tier 2: People in your network who have seen how you run your business and are willing to invest, provided they get a healthy return and feel comfortable in said investment. 

I have found that when I am just staring out on something, it is healthy to challenge my assumptions and "discount" mysleef a bit to err on the safe side. 

When borrowing hard money, points and interest are high, meaning there has to be a very healthy profit margin in a deal for it to make sense. 

Also, by doing this, you can line all of your contractors up and be ready to hit the ground running when you do close.Keep healthy budget reserves.

Do they have a healthy reserve?