@Jay Hinrichs thanks for your response Im pretty new to investing(only been at it for 3 yrs) I am in love with the venture and wish I could do it full time.

@Nate Fanara Sometimes it's better to takes small steps when venturing into something new, as opposed to taking a giant leap. 

As several experts have already given their best opinions but I will also give you my two cents.As you say you have $250K to invest ,there are several options available for you.1.You can find a good off market small deal from Mom and Dad operators in an emerging market like Dallas ,Atlanta or their suburbs which is going to be a little hard to manage and no economy of sale ,not much tax benefits and so on.2.You can do a joint venture with some one to get a little bigger property .3.

I want to lay a groundwork for how I explain asset protection, but I want to highlight Pillar 3 and specifically the Series LLC to you.When meeting with clients the first order is to discuss (A) their personal assets, (B) break down their current investments portfolio and other business ventures before discussing any (C) future goals.

I know these are basic questions, but I want to start right and make this venture a successful reality.Any other things I should be doing at this early stage?

When meeting with clients the first order is to discuss (A) their personal assets, (B) break down their current investments portfolio and other business ventures before discussing any (C) future goals.

I know that doesn't help you if you don't want to venture out of JoCo though. :-) Probably the only way to get there in JoCo is buying distressed and improving to rental grade.

My income is high six-figures/low seven figures, i am an active investor in hedge funds so I rarely keep much cash available, my credit score is 800+ and I'm smart enough to know that I can get hurt badly venturing head first into an area that I'm not so well versed in.I am not in need of current cash flow (although I don't mind it), and, I am looking for well maintained Class B/C/D buildings with a true and "real" 5%+ cap.

After reviewing your numbers and the trail you're trying to blaze, I would try to make this into a joint venture with a money partner who can make sure the property has the value you say and who has money for a down payment.

Its early stages, but I’m unofficial team lead on this potential venture.