We would like to purchase multifamily units and use the cash flow to pay for our rent (ultimately, we would like to save and buy another home and have the multifamily units pay for the mortgage).Basically, we would be selling our home and becoming renters again in order to hopefully have an investment that will pay for some or most of the rent expense.

I have put offers in and one came close but ultimately fell through.

I think a great way to begin using BP is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it.And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "Fort Walton Beach" or "Pensacola" if you're looking to find potential opportunities for investing, education in a subject, or other members in your area.

Time to build the foundation.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Also, since you are an agent, don't miss The Real Estate Agent's Ultimate Guide to Working with Investors.Glad to have you here!

Time to build the foundation.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I highly suggest you to read, "The Ultimate Beginner’s Guide to Real Estate Investing".

If you haven't already, start out with the Ultimate Beginners Guide to R.E.Investing.

Using the SFR as an example, I could likely get a 2300 SqFt building with low quality finishes, basic architectural design, etc finished for under $400K ($175/sqft)However, if you had an ultra- high-end, luxury home before; you likely won't be very happy with what that $400k ultimately yields.

Have you read through The Ultimate Beginner's Guide to Wholesaling?