I'd like to be better prepared the next time I approach a bank or lender about financing. 

I think your approach is right on. 

Or if you want a more hands off approach look for a solid turnkey company.

I have approached the church about leasing them the lot for continued use. i dont want to sound like the Devil here but they  need the parking and without any compensation i am forfeiting the potential of any development on the lot. i really dont have any immediate plans for any development especially if they would lease the lot and of coarse the church is pushing back on any kind of lease to use it. they offered me to donate the lot for them to use as a tax right off but not sure how beneficial that would be. what do you guys think?

Leveraging your expertise, I'd like to understand how you approach the situation I'm about to describe.Long Term Goal: Build RE portfolios using a buy-and-hold strategy by building up 40 units in the next 6 years.Situation: Small family owns their first single-family home which was purchased 2 years ago.Purchase Price: $320,000 (FHA, minimum down)Oustanding Balance: $300,000Appraised Value: $370,000 Mortgage: $1,950Est Rental: $2,300 (no expenses considered)Considerations:The basement may have been finished without permits, professional plumber, or electricianThe yard is large and potentially hard to maintainAn additional $2,000 is needed to prepare for rental or $10,000 in renovations before selling Therefore: What would you do as a starting investor in order to reach the goal stated?

One good startegy is to BRRR (or better BRRARR) a property - the financial sustainability of the approach over the life cycle of the investment is usually not pointed out sufficiently - a fully improved property will yield higher rent and require little money for repairs and maintennace in the first 10-20 years.

Also, I need to be a little delicate in how I approach a lower price since my best friend and him are pretty close.  

I'd love to talk to you about your approach - my family has been doing this stuff for years and I'm starting to get involved, but there are some questions I have that I feel like would be good to hear from someone else about so I get outside my bubble.Examples of what we do:* a few billboards* a fair number of STNL restaurants* a few shopping plazas (aka strip malls with 3-4 tenants)If you have experience with this type of stuff I would love to talk more!

I'd love to talk to you about your approach - my family has been doing this stuff for years and I'm starting to get involved, but there are some questions I have that I feel like would be good to hear from someone else about so I get outside my bubble.Examples of what we do:* a few billboards* a fair number of STNL restaurants* a few shopping plazas (aka strip malls with 3-4 tenants)If you have experience with this type of stuff I would love to talk more!

I have been approached by a group of Chinese investors who want to fund commercial real estate deals that I am working on.