We are buy and hold investors based in California, yet choose to invest in Cleveland where cashflow is far better.Our philosophy is to buy SFRs in 'B' neighborhoods that are primarily owner occupied and also have decent school zones.

Figured this is my shot to get involved, so i contact the bank directly mind you this is a local bank 6 branches tops in a small area of southern NJ, after talking to a few people I'm now talking directly to the assistant vice president, so I've been talking to him since April, explained my interest in purchasing the property and willing to submit an offer, he tells me they are still working on this and it's not ready for sale yet, every few weeks i call and ask when is this property going to be available the answer seemed to be the same "we are looking for a listing agent" or "Probably going to be listed by the end of the month" after months of endless phone call i contact him again in July, suddenly his realtor listing soon to come talk had changed and his exact words were that the bank had considered taking offers!

It's not "gang" dangerous per say (you aren't likely to get shot at for walking down the street in the wrong color coat, rather, the biggest concern being dirty needles as opposed to much else), but again - anyone who has lived there will tell you it's far different than say, checking out homes in the British Properties of West Vancouver.

I had a decent job, but no assets.

Great point on the solo 401K/SEP IRA stuff, you can really pump a lot of money into those.Hope these investments don't default/continue to perform so I can actually have decent revenue.

It is a decent income producer. 

A 7 unit that needs repair, but has tenants already and is in a decent area.  

I feel that I have a decent amount of knowledge on the many aspects of real estate but I am here to learn more so that I can achieve the financial security that everyone dreams of.

I would just get a decent, affordable storage shed and be done with it. 

It's been about 2 month process so far.Chad, Gene's advice sounds solid, anything you can do to familiarize yourself with construction components and terminology will give you a better shot at becoming an inspector.