It looks like you're in the game for the long term cash flow so I'd go with the multi-family, but it will all just depend on your numbers!

Therefore, I get bored and spend a lot of time on sites like BP trying to expand my real estate investing knowledge!

I mean, here’s my short answer—If you’re new and want to jump in the game, if it was my situation— I’d make an offer below list price, make sure remodel is legit, and verify those suggested rents. 

Hello and welcome to this site and asking a pretty good question Christian! 

When I look at the county assessor site this property was last appraised in 2013.  

My mistake was sending them a LOI too soon through an online site without first getting on the ground and inspecting the property.

HiFirst of all thanks for everyone - this is a great site with good people helping each other and sharing experiences.  

If i was younger, the game plan would be pretty straight forward- go back to school, get a higher paying job, and then save and invest for financial freedom.

If you wanted to get fancy you can play the arbitrage game: You should divert your money to investments if they yield (e.g.) 7% but your loan is at 6% interest rate.

One of the biggest problems I see for beginners on this site is they read about some story about a guy buying some property in the middle of nowhere for 70% of what it was worth and think they'll be able to go into a super hot seller's market like those found in California or Arizona and get the same deal.