What tips and precautions can you provide In order to succeed in this project? 

Anyone who is a first time home buyer, likely isn't equipped with a downpayment or a solid profile right now in a precarious time as unemployment ticks up. 

Agreed, in 15 years I've never really attempted to go after the wage garnishment, but now I'm looking at the option to see what the process looks like. 

Lower taxes, no city headache, still close to the university, and still have access to the great schools in Ann Arbor.

And as a hopefully new landlord soon, any other tips or ideas in regards to managing a multiunit would be greatly appreciated!

Keep your head up, you now know you need to bring more capital. 

How to find Off-Market Properties that Produce high Roi.When it comes to real estate investing..It really comes down to finding Properties that are high value and generate ROI..And if you’re not finding properties that high value and can generate Roi, the #1 tip I can give to you is..Hire someone to show you how to do it..Every deal you get needs to have the capacity to generate high ROI..I see so many Real estate investors who try hard to find deals and when they find deals, they offer freaking high offers to get those deals..Why..

I don't have a whole lot to put down but I do now make six figures in my current career and have extra money to start saving each month for whatever expense may come about.

-Mahmudur (Sami) RahmanRight now, we would be closer to 6.75% rate on 30Y fixed DSCR loan.

But since you still have lived in the property for 2 out of the previous 5 years you could take  the $250,000 as well as defer the rest of  the tax in the 1031.Thanks for the tip!