At 15 years old they are approaching a turning point.

I'm using a leveraged approached so those numbers are what work for me.

And should approach this plan as is to a lender or there need to be more tweeks?

@Christopher Petersen some people invest in RE with a house of cards approach and leverage everything as much as they possibly can. 

Do you think this approach would be worth the associated expenses, or do you think it would be better-off buying a multi-family?

It seems you would be on the very front line of not only knowing what which properties were in default/foreclosure but would also see these properties first hand.Also, (changing gears) I have been offered a position to search within the default list in my area and attempt to approach the owner(s) of these homes with the intent to do a Cash for Keys transaction.

And from there, any suggestions as to which agency to approach for training?  

How should I approach this?

Any tips approaching them?  

I do think there is some room for interpretation on what can be a "service" and the most conservative approach is indeed to advise clients not to manage properties owned by their IRA or 401k.