When investing I compare my vehicle options, so if I put 7,000 into a mutual fund I aim for a particular return for the risk.

But before you get there you need income to live on now, which could be a job and it can be supplemented with some side gigs or income from flipping, wholesaling, rentals, etc. 

@Jessica Fiesinger - the general advice is that you should have numbers that you aim for, and that you should not go under those values when making a deal.What metrics you use, and what numbers you aim for, are dependent on your own strategy and goals.For example, a buy and hold duplex strategy might aim for 12% cap, and a certain cash flow per unit per month.

I've been looking just to get an idea and see that they typically start around 1.5million for 10 or more units (I live in Minnesota)Starting out, I'm aiming for 5-8 units. 

into purchasing an investment property by a real estate agent (REA) with the aim of starting a rental property partnership with the REA.

I have a couple of properties in my portfolio that would fit your criteria that you're looking to invest in and they would help supplement you're salaried position.

If modular or traditional can get me there I'm all ears - but I'm aiming for a construction cost of well under $100/sq ft.Here's an example where the bottom handful of residences at the link cost $100-$115k, sold for ~$185k and each saw returns of $15-$18k: http://www.dfwprojects.com/portfolio.html

Strategy: There was a price spike hitting this specific area and I decided to aim on the high side of the comps.

I've been told by several agents that investors are holding back and I'm starting to wonder whether I should be worried about bidding against  "irrational" homeowners.I was initially aiming for a 7% gross yield but 6% is now looking more realistic.Should I also hold back?

To maintain his current lifestyle he would like to supplement that income with ~$30k/year from his 401k.