Either way, I read all the advice on here, concluded that this obviously is a terrible deal and am now just stepping back for a while until a perfect deal comes up (quad like I originally wanted, for the right price with a good cashflow)I've also got into contact with a fiduciary CPA today, thanks to advice on here.

A 6.8 cap doesn't sound terrible in todays market (obviously I don't know what the submarket average is), but if there's no upside it can be hard to justify the $150k per door price tag.I would definitely try and network and find someone to partner with, just to see new perspective, and it's just better to be in this business with other people in my opinion.

There can be a terrible complex with "bad tenants" but around the corner in the same neighborhood their can be pretty good units with great people who is striving to do the best they can to survive.

(Very sad, the jobs here are terrible so I'm lucky for having no degree) I feel that I have gained enough knowledge to get started but I'm still not really sure where to begin?

They can also be terribly destructive.  

I bought the house next door knowing that they neighbor's house looked terrible and that I or someone else would flip it soon enough.

Whichever path we choose, we would have to live there.We found a high end house in an amazing neighborhood that is in terrible shape.

@Tara Ballenger Sorry for the terribly late response!

It was never something I'd considered before and I feel terribly ignorant about this type of financing.Last, personal loans.

For us, most of our appraisers are not local, so it could benefit us to do that since they don't know that you can go down the block and be in a terrible area, or vice versa.