The idea of a partner is appealing but at the same time a hassle and am debating just hiring the work out and factoring it as a line item expense.

They tend to keep the space clean for the consumers and you usually have landlord friendly tenant laws.I have been down the multifamily route before and it is a more intensive asset to manage and a lot more BS with residential tenants and all of their excuses.I didn't like it but I do not like regular residential SFR either.

What might pen out on paper at 8.6% cash on cash will very likely work out a lot less in real life.

Overall it is a very difficult market to be in but depending on your investment strategy it can still work out in your favor. 

I just utilized my VA loan to work out a deal at the Metrome condos located (1150 jst San Diego, ca).

You need to start calling contractors and have them come out and scope this work out.

Also doesn't hurt to pick a city with more than one management option, in case your first choice doesn't work out. 

Find a good worker to run jobs and sub-contract all major work out.

If that doesn't work out as I hope, then it might be looking to see if I can open a larger line of credit with a bank (knowing I will be doing my future mortgage with them) or a personal loan / private lender for the next down payment.

Thanks, Jaysen,I understand it's not going to work out exactly as I've written it, but I would like some more specific guidance per my question in the body.