Dave can you update us on your progress with this "maybe mentor"?

I will likely sell with owner financing to create a steady cashflow with less maintenance/drama.

Which cities have had a steady growth of rent and population. 

When it comes to real estate investing when you are not just starting off with enormous wealth to allocate, the game from my knowledge and experience is to be patient, take a slow and steady approach, and trade up as you indicate you are doing.

@Sepehr Khanbabaei I wouldn’t buy just because you’re legally able to do so, even if you could would you probably can’t the most circumstances but that’s OK it’s not a race it’s a marathon You’re probably gonna need two years of steady income (or a co sign) I would then look into find a Moderate to heavy Cashflow 4-Plex.

The old standard 4-7 years has significantly reduced as the market progressed. 

I have progressed to where in the next month I am going to make my first attempt at a commercial loan for a mutli-unit rental.  

Instead of making a steady state linear function think of it in terms of big ticket items:Heating unit $3000 (Every 10-15 years)Plumbing $2000 (Every 20 years)Roof $5000 (Every 10 years)Carpet 2k every 5 years....

Two partners and I are ready to invest in a 5-6 family in North Jersey, and we're thinking there will be steady appreciation around the Guttenberg, West New York, Union City New Jersey area.Does anyone have experience in these areas?

I absolutely agree with you on the 10K being insufficient... and catering to the military market shouldn't be too difficult to do, as there is always a steady supply of renters in the area.