Do your homework, understand the core concepts, and review a lot of deals.

Rod Khlief has a good ebook and I'd also recommend "Big Money from Small Apartments" by Lance Edwards.

I have done some reading, and I understand the concept of a "gift of equity", which I think could allow me to use some existing equity as a down payment for my own mortgage on the property.Here's what I am thinking:Appraised Value: $140,000Family member's mortgage balance: $90,000I purchase for: $112,500 (Pay off $90,000 mortgage, plus $22,500 down payment (20%) from gift of equity)Cash out of pocket: Closing costsEquity after closing: $140,000 - $112,500 = $27,500I am wondering if anyone is familiar with this process, especially in MN, and could let me know if that scenario makes sense.

A some what strange concept but true.Combine some smart savings with any extra you can earn from a side hustle and you will be surprised how quickly you can put a nest egg together.

This would be somewhat similar concept to price per sqft in the SFH world.MF brokers can supply that number but let's say it is 8%, for example.In that case, your current value is $235,450 ($18,836 NOI / 8% cap rate). 

I’m having a hard time grasping the concept.

No, there was not.However, you're right bringing up the 1031 concept.

I feel lots of people have unrealistic expectations about the BRRRR concept.

I just finished Rich Dad, Poor Dad and it surely opened my eyes to concepts I’ve never considered.

It’s a simple concept, but investors sometimes struggle to identify which properties have the potential for good profit.