Thanks @wayne, that is the way that I'm leaning.

I am leaning in the direction you are advocating for.

Thanks @Curt Davis :-)...We're digging deep...leans, deeds of trust...big learning curve!

However I am leaning towards using a spray foam repair system to patch the roof and seal the parapets and then go over everything with an elastomeric coating.  

Once I feel I am ready, I will lean more towards the MF buy and holds and maybe flip a SF by mistake one day as others have!  

If I was only looking to recoup my initial investment, I was leaning towards a HELOC for $50k so I can keep the high earning monthly cash flow (rent at $1600), not increase my loan amount, and not incur any closing costs.Do you see any flaws in that plan?  

And would agree Colorado leans towards landlord-friendly, while California is certianly tenant friendly.

Still not totally sure but definitely leaning that way, and though there are real estate degrees, I prefer a degree that will help me in all aspects of entrepreneurship vs only real estate.

Do you lean towards older homes that need fixing up?

But after a year I've made some choices (and had some things in place already) that have helped:have a few go-to handy men/women who can check out things and let you know just what's up; trustworthy people are probably the best thing you can haveselecting tenants who aren't 'helpless': I lean toward signing with tenants who aren't afraid to look under a sink or even make a small repair on their own if necessaryelectronic locks: these have gotten pretty affordable, and being able to give someone a code to enter a unit when a key isn't at hand is very useful.