My biggest lessons have been related to setting up systems to get things done consistently and on time, without my direct involvement.

My uncle is executing the estate which consists mostly apartment complexes in California and two pieces of commercial real estate, one in Texas (double net dialysis center) and one in Arizona (triple net bank building).

Whatever your pet policy is, you need to make sure you stick with it throughout all your rentals for consistency and honesty - obviously, a non-refundable security deposit for a pet or a monthly pet rent will mean more $ for you - however, you also risk pets being badly behaved and trashing the apartment which you would have to pay to repair.

Purchase price: $400,000Property consists of a three unit multi and a separate single family residence.

The consistently cool temperatures seems to me It would be used as much, however just wanted to get some insight? 

Rates of return are great off market, so for C and often for B class I typically see an 8% cap and cash flow is consistent.

(Be aware of heating systems with steam boilers, they can be problematical and do not always heat buildings consistently.)You will want to develop relationships with several lenders.

.- Cross reference all the answers and you should start seeing some consistent themes and be able to feel like you know the area better.

I would then research and identify a market that you want to be in and start studying it so when you are ready, you can move on it right away.Just before you are ready, I'd build a team in that area that consists of a Realtor, Property manager, CPA, Attorney, Lender, etc.

The neighborhood you're talking about isn't consistent in home quality and 500 sqft units aren't very desirable obviously.If I did have to put a number on it I would say 700-750 but again there are so many unknowns that you haven't provided us.