IMHO  the 4 plex were he lives using a FHA loan and at his age is a wonderful way to go... for all the reasons stated above.

My young age is working to my advantage and people are impressed with me taking initiative.Meeting with first sellerThis past monday I met with Tommy.

If one month free the real rent is 687.50 month.You didn't mention age of the building.I would like to see seasoning of the tenants.

I agree wouldn't want my children to come in at a young age thinking they no what they are doing just because they can and try to make changes.  

Obviously location, age, cap rates, forced appreciation, etc all come to play.

@Brandon Turner  : Great question and the answer depends, I would say mainly on your target Age range.

Does that include Johnny Sixpack who smoked a pack of Camel no-filters per day since he was 16, and now at age 55, he finds that his lungs are full of cancer? 

But at this point, I am limited to a defined budget.I went to ListSource.com and generated a list for my area of homes with 40% or more equity, 3+ bedrooms, 2+ bathrooms, no junior liens, property value $75,000-$200,000, single-family home, and an age of 65 or older (not set on old folks but looking for filters).

You are getting a great start and make some fantastic decisions at a young age!  

I don't age discriminate.