(Granted, I am not factoring in various fees that may be saved by financing at acquisition).

We're fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

Quote from @Terry Ouimet: Used a broker to help me find Olympus for FL str, tweaked some things saved $100/mo.

I'd love to own a small multi in NOLA, so if you find some good pockets and info, you'll have to let me know!

Focus on covering your costs and saving, and you’ll be ready for your next move in no time.

If the foundation is good, the roof is good, the floors are good, the layout is good, you are probably saving at least $100k right there in labor/materials.The other thing that frequents adds a lot of cost is when the unknown occurs.  

Neither of those pencil out.I think you'd be wise to save the money and find your own leads.

A follow up question I now have would be do you think its smarter to completely pay off the first property before buying a new property or to keep going out and buying new properties once i have enough saved up for the down payment along with extra fees?

If I’m not mistaken you put around 50% down but I can connect you with a lender to get better info

Prepare financially by saving for down payments, improving your credit score, and setting aside emergency reserves.