Is looking online at sites like LoopNet sufficient? 

Quote from @Karl Denton: Durable Furnishings: When it comes to minimizing life cycle costs, focus on quality over quantity.

Obtain estimates for planned renovations and confirm if the allocated budget is sufficient.

However, that's not sufficient.

That will completely break my self-sufficiency test. 

If appreciation catches us, shave off a year or quantity I buy.30-33% equities, 28-31% private equity/small business(almost tapped out of growing this one), rest fixed income.

Yes, there is a chance the payment could be rejected for non-sufficient funds on the 19th, but I'm managing 400 rentals and it's pretty rare and the Tenants make good on it 99.9% of the time.

Why is quantity better than quality?

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

Being that you already have property management experience and feel confident in your ability to manage a single-family or multifamily property, it really comes down to your financial position.If you have a good amount of cash available to put a down payment towards the purchase of a property and maintain sufficient cash reserves (or if you have a partner you can work with who does), then there's nothing wrong starting off with a multifamily property.