The upside is that you can get yourself to free and clear and have recouped all of your initial investment real fast.

My initial focus will be purchasing and rehabbing small multi-family property in the suburbs surrounding Milwaukee, Wisconsin. 

So this is the path I've chosen to follow up to and including being part of my retirement.I believe that networking and gathering real life experience from doing work myself along with following other's guidance (who have been there/done that) will garner me more knowledge and success than paying "gurus" thousand of dollars for bus trips through a city and region I already know well.I am still formulating a 5 year plan (yes, they are passe now a days but I'm old school) and I feel the first steps would be to connect with other REI's, join the local REI Groups and begin growing my network.Any guidance, advice and suggestions from this point forward will be greatly appreciated!

here's some initial thoughts, just for starters1. 14500 for a rented unit= questionable unit/area/tenant/all three2. know the recurring costs?

First steps??

This results in 1) a higher monthly cost for initial coverage and 2) rate increases or policy terminations once they start making claims – and these follow you from insurer to insurer.

Once you read these two books you will know the steps you need to take to figure out the cost of the rehab.

You've already taken the right steps by introducing yourself on the site.

If the damages go further than the $150 can cover, than you can dip into the initial deposite to help cover yourself as well. 

The LLC is the logical next step.