Okay, I've researched, researched researched ,spoke with loan specialists etc. and I'm on the right path to get started, but felt it would be wise to ask the BP community of their experience in hopes to be gifted with their knowledge so that I can better correlate between research and human endeavor.So I DO NOT earn 6 figures and therefore I've lived well below my means to save everything I do earn to begin my buy and hold path. 

Also, holding costs of 2 percent are so low it might not make sense to pay all cash, as you can invest with leverage at a greater magnitude and earn returns at a faster velocity.

There are some recommendations that I wasn't aware existed to creatively finance or reduce the cost of this 4-plex.  

If you do like it, then you can put a plan in place to start your own company.Keep in mind, you typically have to have a Broker's license to open your own company and those take two years or more to earn.

Then, sit back and let your attorney earn some more. 

I would suggest that you keep in touch by telephone or passing by every month to six weeks. you are attempting to establish rapport and some kind of relationship so that when he decides to reduce price or comes to understand that you are closer to the market than he was then he turns to you over those he might have spoken to in the interim.

This keeps the cost down and reduces the calls. 

Since I have been playing for a while and the industry is getting smaller due to regulations which reduces the traffic and the number of recreational players (which makes the game less profitable) I think is the moment to start transitioning to Real Estate.I am literally devorating everything in BP, just bought the 2 books of Brandon Turner (hey Brundon if you read this just let you know that I love the way you explain and the methods of teaching you follow, I really find them effective for newbies like me) so I will be trying to educate myself in RE as much as I can in order to be succesful in the future.If there is someone out there who is also starting in RE, in spanish market and want to connect me to talk about whatever or just for future networking, dont hesitate to do it!

What are the key market characteristics that I need to analyze to reduce the chances of owning property in a town that is dying fast?

You will earn your high yield from dealing with the tenants.