New to apartment building investor and would like to employ value add strategies to build equity and wealth,cash flow should be positive.But my main concern is to build equity and wealth.So my target should be mom and pop properties,but as far as I worked with different brokers and research different market,it seems this kind of properties are really difficult to find.Any experienced investor can share insight here?

Death is obviously difficult for any family, as is the following estate proceedings and such.

I am currently a property manager of various types of properties ranging from multi-family, single family and shared rooms with somewhat difficult tenants at times.

What that will allow you to do is setup a US Bank account.The fact of the matter is that traditional bank finance is difficult to obtain (especially in the early stages).

Sorry ... my post got cut off.As I was saying, I do not know how you would improve Cash-flow without increasing rent rates. 

That sounds like a much more resonable refinance rate and would definitely increase my return (~64%)4.)

A distressed property will need a "value add" to increase the value, a distressed seller can sell allowing you to profit without touching the property, but this has limitations as well as to giving a fair price and not screwing a seller.

I realize that everyone is going to have different input and advice based off of their experiences, but I'm looking for assistance as to whether something I'm including is a definite NO NO, or if something should be added in for increased impact. 

Gaining trust in your ability to manage someone's money is paramount, and you don't appear to have a track record so it could be a difficult sell.  

So if the property has increased in value then you may be triggering capital gains.