Worst case scenario if you're off on your numbers you can go back and renegotiate.

Mistakes can be costly.Or maybe consider starting out with a property manager, then take over when you are confident to manage your property on your own. 

Would love to have built a 1,000 unit locationthere.Remember, start small and make your big mistakes early.

Plugged a 10-unit in by mistake.

The "worst" turnover property I have is on it's 5th tenants in 7 years.

With all due respect to Joe, it is a huge mistake IMO to let them stay--too much liability and health and safety risk (they really should not even be in there without masks) involved and will massively slow down your remediation and repair process. 

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.

Also important: I had never done a multifamily deal before.I looked at everything that I had going against me on a deal like this, and figured if I did make a mistake, it'd cost me more than I'd save from collecting my own commission.

Do I stay at 400k. assuming it still cashflows (cashflows based upon when I move out) albeit less than a 500k prop, dont pay the extra in taxes, keep more money on hand because Im not paying additional taxes but also DP reserves etc will be lower or is it worth it to make the stretch to 500k leaving me with less cushion for any mistakes I make?

Big, incurable mistake!