A referral fee is a not a bad way to go since you have a lot lower risk and it sounds like you might need to learn more before taking on a project of this size, no offense intended.4.

I‘m still making decent cashflow from my job, but I’m considering buying a condo/townhouse for myself first to lower my monthly living expenses (I could move just outside the city for ~$600 less per month).

@George Skidis if I interpret your comments correctly, your strategy all along was to have your properties paid off in a relatively short time frame (10 years). 

Properties in the lower cost areas may look better on paper but once you factor in vacancy, true turn over costs, and cap ex, things don't look as good.I have been in a few nice multi-family properties in oildale but most are pretty rough and have major issues with deferred maintenance. 

Covington north of 10th street is Justin like OTR imo- with lower price points and still lots of room for growth. 

We signed a contract for six weeks timeframe for the job to be completed.

The one outside Goog the owner did not wanting to lower the price citing his mortgage has to break it even.

Townhomes can appear in a pro forma to show a lower return, but holding long term returns are much higher than a single family home. 

I would be responsible for upper and lower (which I would be occupying) utilities that average 300/month.

However as the loan is paid off your return becomes lower and lower approaching the cap rate.