if cashflow is the goal, then a) choose a market to invest in that's cashflow-heavy, first and foremost. note: living in a property for a year doesn't necessarily build equity. your principle paydown year 1 ain't much & if the market dips a bit, you could have no or negative equity at the end of y1. just something to consider.note: appreciation in general is speculation. we can make educated guesses on what's going to happen, based on what HAS happened, but this isn't the 'perk of RE investing' to focus on when you know your goal is cashflow. ignore appreciation for now.if the goal is cashflow, why not just start with a rental?

Matthew,Based on recent investor track records I would say choose Ohio over NY or NJ for a 2-4 unit. 

Your Credit Score: 680+ or 700+ will get you better terms depending on the lender. 660 is the minimum for many lenders.

New build...i was able to add value by choosing to build a mezzanine to increase sqr footage.

.- 20 vs 40 it all depends on your experience- in-state vs out-of-state ? 

Just depends on goals and needs 

If the fees reward the purchase of more and bigger properties disproportionately, I'm wary and likely out - depending on, or in conjunction with the next point...- What are you investing in the deal? 

A lot of options and it depends on your goals.

Speaking from private/hard money terms, the loan would most likely be considered a delayed purchase if less than ~5 months depending on the lender, and no financing was used on the original purchase.

Much depends on the experience of the person your lending to.