You won't be able to buy fully rehabbed properties for 80% of their value unless the owner is motivated to sell for some reason.Working with a realtor, who understands what you're looking for, will be your best bet to find properties like that but this will also mean you'll need to find a contractor who can rehab the place, even if just cosmetic, so you can rent it out or flip it for top dollar.

I have no deals under my belt, not money to finance my own, and I am very excited about the challenge of creating something from little other than my mind, my connections, and my determination. 

I'm motivated and dedicated

An engineer's mind may need higher control over investment :))) let's check on the scenario of independent investing: with 40K down and conventional mortgage you could get a decent quality old duplex in the good location of Midwest. 

Do you mind if I pick your brain one more time?

House hacking the VA loan financed triplex/4-plex is a good strategy but keep in mind that VA loan will require the property to be in relatively good condition.

Every city has its own mix of 'good area' and 'bad area' thing going on to some extent, but the bigger picture needs to be solid firstly.Beyond that, I think you're touching on numerous different things here but my mind would be on getting actual numbers/data. 

Don't hesitate to browse the forums and contact and connect with like minded investors as well as some wholesalers doing business in your area.

I personally hope to meet like-minded people from BiggerPockets, to be able to exchange ideas about real estate investments in general and to build up a network.I am currently trying to find the most suitable investment strategy for me and the European market.

Something to keep in mind.