Being an investor you see things bigger picture so to you and me it doesn't really matter much if we are writing a check this Friday or one next Wed for the work, but you'll be shocked how important this subject can be with certain tradesman.

I’ve been thinking about getting into real estate for some time now (single family and multifamily rentals) and have been doing quite a bit of reading on the subject.

Obviously it's somewhat subjective, but I feel as though both areas are nice.

I just skimmed your post, but it seems like you're asking for options to get started now, while bank/regular lenders want to wait until you have 24 months on the job (which is common by the way).Since you're so close, at 18 months, I'd say you should line up private/hard money just in case you come across any great deals, then when you qualify for bank financing you can refinance out the private/hard money loan with conventional financing.I frequently do this with properties, using private $ to buy a good deal quickly, then 6-12 months down the road (after I stabilize the property and give a good return to my lenders) I'll refinance with a regular bank loan.

If there's an accident on your jobsite (heaven forbid), you would be identified and classified as an "employer - anyone who hires or causes work to be done" and you could be subject to comply with OSHA regulations for the construction industry.  

I live and invest in Cedar Rapids, but am frequently up in the Cedar Falls area.

My name is Mike and based on the subject and category of this thread, I think you have guessed (correctly) that I am new to the site.  

@Rahul Dilawri Welcome to BP....you will find this very useful and helpful...With regard to your question I will agree with @Reginald Pintang and @Dhru Das.Definition of 'good area for investment' is very subjective because it can be defined based on multiple factors such as Cash Flow, ROI (for fix and flip), appreciation rate, safety/crime rate etc.Of course it largely depends on your long term goals.

Do a line of credit, owner financing, assume a loan, or subject to etc.

I'm always looking to further educate myself in the subject matter.