After you have a few properties under your belt, then start looking at asset protection.

i'm also hoping/wanting it to land in DC area...there's ample enough software talent and good transportation, etc.

@Robert SapienzaIt is a dilemma lower interest better terms most likely but less asset protection.  

That may work in Texas where that is a way of life but in most of the rest of the country, the asset manager actually has to do some work and tell the contractor what improvements to make.If you're new to the game, I recommend you read everything you can find by Dave Lindahl and Ken Mcelroy.And it also depends heavily on the property you are working on.But here are the basics.First, fix up the exterior.

Definitely a huge asset information and networking wise for someone just starting out.

I invest in residential assets in GA, but my one office commercial property is in the Upstate of SC.  

Also,  you would have to follow some rules to get the desired asset protection from LLCs ( separate books and those kinds of stuff).

I want to structure the partnership correctly so that everyone's assets are protected.

As such, whether real estate may or may not be more efficient with after tax money that you noted you do not have, is not really relevant.Real estate can be an excellent retirement asset. 

PLus ZERO % financing.. if you do not have use for the extra money a month  LIke bills or something I would continue to pay this down you can own it free and clear pretty quick with zero interest.. and when its free and clear you have your self one great asset and all the cash flow.