I was hoping maybe someone could assist me as I haven’t been able to find a clear answer online.

Then, I will go and start working on some multi-family rentals.I know you are pumped to get going, but if you haven't taken time to really devour some of these books and really spend a good bit of time in the forums educating yourself, you really could be moving too quickly. 

B-class properties are the safest place to be for cash flow without totally sacrificing appreciation potential and owner-occupant re-sale options.Lastly, if this $140k accounts for all his disposable assets, I would encourage him to not spend his last penny.

Are you saying that I should spend 20k on trying to find deals? 

After over 20 viewing the first one that comes in is someone who is using NACA, will buy at the asking price, but wants the 3% buyers assistance.  

And keep the rest of the cash for 1 more rental, our self, for emergency funds, and too spend some wisely ?

I just read another post where a new member of BiggerPockets asked the community if he should spend 15K on paying for a coach to teach him how to do multi family investing.

Also, ideally spending some time there and getting idea of what makes what valueable in the area helps as well.

There had been a 7 day rule that was going to limit rentals to one reservation every seven days and she (assistant director of planning) confirmed it had been removed from the proposal.

In any competitive market, consider Seniors with Long Time Ownership (ready to downsize or transition to assistance) and Homeowners with Low Financial Stability Scores (FSS).