That's the last thing you want to do when you start purchasing these larger properties is over extending yourself and going way over budget.I've also built a financial model that I help other investors analyze property (especially the larger apartments), so if you ever have any questions or need help don't hesitate to reach out.

@Alex Silang I am not claiming to be an expert but I think your best bet would be to look for a turnkey provider in a place conveniently close to you and see if they would be willing to give you a role in what they do - maybe doing something you are already good at, so they benefit, and in return you see and learn what they do.I am suggesting this because in my line of work there are many many people with academic and theoretical knowledge but they often haven't ever really applied any of it.

While you may say that you don't care, because it's just for getting extra rental income, it can make a difference down the road, if your fil ever wanted to sell or refinance. 

I run the largest real estate investor group in Vegas....there you could plug in for networking and resources.   

I would be very careful commercial in small towns can stay vacant for EVER and a Day.just drive through any small town between Dallas and New mexico.. look down the main street.. nice brick buildings 90% vacant then on the outskirts of town a walmart and the associated fast food joints..the resi might work.. and maybe you change the commerical to cheap storage but put NO value in its cash flow would be my advice unless there is some compelling reason you think those would be leased.. if there was demand they would not be vacant would be my thought

I would like to start with a quadraplex as it will provide the largest amount of cash flow. 

Then I might not reinvest capital, or if I have a group of partners we might have different reinvest criteria, so I don't really ever look at MIRR. 

It will answer a tremendous amount of questions for you.As far as hidden fees go there aren't ever hidden fees. 

May I ask if you guys ever go to different places (that isn't a bar)?

Not one single number ever printed on paper has to pan out or necessarily will pan out.