NOI divided by the properties value is the cap rate.On a 5 u it building with yearly rents of $34,500 and a sale price of $250k I would expect a cap rate to end up around 9%. 

Within year or max 2 years...u will have turnover ...again u will pay 1 month rent - $1000 and $2500-$3000 most conservative estimate to make house ready for rent. 

only if u have a team with many agents.  

I would focus on repairing your credit. see a specialist (faster) or open credit cards little by little and pay them off each month. im not saying increase your spending, just saying instead of buying that tank of gas in cash use a cc and immediately pay it off. while your credit is repairing, start banking cash. build a budget and stick to it. 80K a year is good money, make it a goal of yours to retain as much of it as possible i.e. don't eat out, don't go to the local pub, drive a modest paid off car etc. once your credit is up and savings is up, use the 80k a year plus savings to get leverage. then use that leverage to buy your properties. if your looking for a get rich quick scheme, id advise u skip over RE. don't get me wrong, you can make money fast by flipping homes but you didn't mention having experience in that area so I assume you don't. another option if your really in a hurry is to find a partner with experience and cash, and see if you can buy into one of his/hers deals. you would have to market yourself for this and see what type of skills they may need that you have. maybe you can buy in and use your web development skills to beef up and/or maintain your partners website saving them money on outsourcing. that might be your ticket into a partnership. since you mentioned your helping your friend, maybe you can partner with him?

@Seth Williams how do u normally value a property?

You likely already know the hottest areas U  of MN, Uptown, but those areas come with a high entry cost. 

Helloit is my understanding that traditionally when you sell your property you can use the 1031 exchange to defer the taxes on the capital gains from the sale. i know a little about that but i am interested to know if when you refinance and not sell the property to pull out equity from a property can u also use the 1031 for that. for example if i use the BRRRR strategy to buy a 4 plex for $300,000 i use a conventional loan and put down 20% of $60,000 making the loan amount for $240,000 and put in $40,000 into rehab the property so i have $100,000 in and the property then appraises at $400,000 so i refinance the property with 20% down of $80,000 in equity making it a loan amount of $320,000 out of that of course the original loan gets paid back of $240,000 leaving me with a check for $80,000. so does that $80,000 count as capital gains?

Like you, I tried to get a mortgage when I was still a U student but was turned down.

Yes since you are a pro member u should have access to the BP calculator.. but just taking that income and dividing it in have for 50percent rule you get 1088.5. 

The rep at Home Depot said you don't need any particle board or U lay installed underneath the vinyl plank flooring.