How many units, how big is the damage, any casualties, are other units and common areas affected, do you have contact with the tenants, whats their status etcI understand your frustration, but there is not much you could or should do physically in person anyways.

I have the skill set and experience so it makes sense to meHas anyone done this/can anyone offer advice about how to get started?

I agree with Andrew, technically yes what you're saying makes sense but is it logical for your area?

Your friend shows good sense and should maybe find a different advisor to help him find money.Knowledgeable private/hard money lenders understand that owner occupancy has virtually nothing to do with making a business-purpose loan.

Don't miss out on the opportunity that's in front of you.Hope all of that makes sense.

My wife and I are both working professionals with two young children, so trying to tackle something that makes sense for us from a time commitment perspective is a big consideration.

What your saying makes a whole lot of sense. 

In low appreciation markets where the return is historically not from appreciation (where appreciation does not noticeable exceed CPI) then it makes more sense to pay down the loan amount to increase the cash flow but there are still better options because F/F home financing (even with the rate increases) is some of the cheapest money options available.  

Someone talk some sense into me.

Many investors from California are investing in the mid-west because of the yearly cash returns making more sense in these lower priced markets.