First start out with learning about the strategy you want to employ, do you want a full gut?

My goals are pretty simple, live off of passive income targeting a minimum of 100k a year, and employ my boys in the family business when they are older.

You can employ this approach in any market condition.

@Christopher Dru  yes.... on sticking with your 401k to employer-match level.

Call the employer.

There are a TON of programs out there that will pay rent on behalf of your tenant if your tenant has lost their job, or even if they are still employed but they have reduced hours. 

@Joe Kooner When I say “refine goals”, I mean things like variety of industries in a market, employment drivers, city size, etc.

Just be aware of the appraisal and if it does not come back at your offer the seller may not reduce the price and you could lose out on the deal.You're also not required to use that agent unless you have signed a buyer broker exclusive employment agreement.

Let’s also not forget that as loan officers we owe a fiduciary duty to our employers, and early payoff of loans on any company’s book is costly but I digress. 6 months in as an FHA and refinance into a conventional and then move out to fully rent the whole building could lead into a whole lot of other problems, 

I would encourage you to research a self-directed IRA custodian and be sure to do your due diligence before moving forward.By leveraging my funds from a former employer 401k plan, I was able to invest in three different syndicators across multiple markets which gave me the confidence to invest in many more opportunities over the past two years.