You then have to decide to buy in your market for an appreciation play or go outside your market where the cash flow is better.Nobody is going to sell to you for less when buyers are paying 5 to 6 caps or less for properties in those areas.There are areas with appreciation only, some cash flow and appreciation, and those with mainly big cash flow but little to zero appreciation over time.

I should also mention that he is a bit older - which could come into play with respect to how he plans to treat the investment.

Immediate goal is to buy our first income property, ideally a 4 plex.

I am not sure if your looking at LA to begin investing, to me it seems like a really touch market to get started in, unless you have the cash to play with the big boys, but I know deals are made, I figure we just need to find the right people to help us along the way.

As long as you believe you can confidently generate a return with that cash higher than your financing rate, then it's a smart play in my opinion.

I'm also pretty active in church stuff (I play the guitar and hang out with the youths!)

Ideally it would, if that's how the end buyer wants the property delivered (i.e. vacant).

Ideally, the tenants will pay you enough rent so that you'll live free, or close to it.

I suggest you stop "playing business" and start getting the phone to ring.

I think it's much smarter to play the long game and make your goal to pay off the properties as fast as possible with the intent to hold them indefinitely.