I also want to mention that I don't have a terrible amount of time to devote to this (i.e.

Prior to trying this strategy, between the two of us we had a decade of experience owning, managing, and rehabbing multi families.Also, when we met with the lenders the first time we had a small packet made up and devoted to each project we each had ever done.  

I'd like to start cutting my portfolio slightly by the time I'm 33 (5 years) and slowly increase the amount of time I'm able to devote to investing.

@Adam Nash  I'm a realtor myself and majority of my clients are referred to me by a family member, friend or previous client....Take your time and find a realtor that is 100% devoted to you and knows exactly what you're looking for and will do anything to get the deal done for your best interest!

I have roughly 200k to devote to my first project.

Might make sense if you have little time to devote to a rehab.

I'm a commercial airline pilot living in northern New Jersey and finally have the time and flexibility to devote the time and effort to getting started.

If someone is willing to spend time with you telling you about what they are looking for, you should invest some time developing the relationship and devote some effort to finding those kind of deals (and give them first shot at buying them).  

1..Devote more time to networking2.

Undergrads are usually year to year, grads and PhDs are 2-5 years, depending on the program.Once you have a healthy savings account for vacancies and repairs, you can devote less per month to that account (in my opinion).Lastly, my aunt in Silver Spring doesn't know any Realtors; not sure how she doesn't, but she doesn't.