I'm concerned the legal fees would outweigh my primary objective; which is simply to cash flow monthly (which I am currently).

@Sam Lopez You probably can't find two markets more different than Detroit and Dallas/Fort Worth so I have to question whether you have a well defined and coherent criteria and objective.

No system is perfect, so don't waste your time chasing after the next shiny object.

Also, my objective isn't to be the wealthiest guy in the graveyard.One of my favorite books about personal finance is "The Richest Man in Babylon".

Now he's in his 80's and would like to sell because he doesn't have much interest managing real estate anymore but his objection is the huge tax liability from capital gains/depreciation recapture.I wanted to come in and offer a master lease option with the agreement that I take over control of the property on maybe a 3-5 year lease and pay rent to him with the option only being exercised once he passes away so there is a stepped up basis for his heirs.

Don't:1 - ...stray from your plan by chasing what I refer to as "shiny objects of distraction"...no matter how good that deal might look.   2 - ...rationalize a bad deal into a good one, or you'll get out of the game faster than you got in.3 - ...listen to those that want to tell you that if you lose money in the beginning it's OK since you are learning.  

No system is perfect, so don't waste your time chasing after the next shiny object.

Once you have an objective, you can determine the right strategy and vehicle and that will determine what the best market are for these strategies and vehicles.There are many advice or tips I could give you but, again, depending on the situation.

(Which, just recently, I had to replace two outside a/c condensers which cost $6,000 l o l)The objective is to buy 60 doors over the next 5 years and hold them as long as I possibly can until an offer I can't refuse comes up or I find a multi unit place that makes more sense than the single families.

Is this a good time to tap into a rental property's equity to buy another one to generate cash flow? The rental has no debt.