Some concentrate on only flipping based on a more realistic ARV.I would work with an experienced Realtor who knows the neighborhood to get a feel for real pricing.

The key is 1/4 of apartments in DOWNTOWN Seattle, which is only a fraction of the market and where new construction has concentrated.  

and you have the systems in place to handle the lead flow that will come in from the a consistent, concentrated effort.  

By picking a single strategy (ex. small multi-family, single family, apartments, self-storage, mobile homes, etc.) you can concentrate your time and resources on mastering that strategy to maximize the ROI you can get.

Maybe you concentrate on looks too much.

Yes, there are podcasts that mention avoiding high crime areas, but there are also podcasts where people specifically work in areas that most people avoid... primarily for the reason that most people avoid it, and they have no issue with it.If you are planning on managing the property yourself, then you need to know the kind of tenants you want to have, and that will help you narrow down which kind of neighborhoods you want to concentrate on.

If it's just you, no partners, buying rentals with residential loans and little equity, probably you should concentrate on growing that first and getting some equity before you worry about LLCs, business accounts and asset protection.

Concentrate on one niche in RE investing at a time. 6) As far as your friendship/partnership, if your and your partner(s) to be objectives and long term goals are aligned and your attorney spells out clearly each partners' responsibilities in the operating agreement, you should be fine. 

If you are in a low paying job concentrate on increasing your income.

Then you can concentrate on the four plex because you'll have enough money to pay someone to manage it for you and have them absorb all the management headaches.This is just my 2 cents.