Hi David L , and welcome to BP!

I was thinking Rochester, NY but that's hours away and I feel for my first investment it might serve me well to be closer to the investment.

That should only serve to help you frame your comfort level...if you'd rather put $100, $200, or $500 away towards this portfolio instead of an IRA or TSP, that makes sense.However, you definitely need to do the research & make sure your numbers are solid, and that you've got cash reserves (or access to a line of credit) to tap into.

Marine who served for 8 years on active duty.

For instance, I will accept an 8% cap if I am paying cash or l am financing at 5% or less.It is difficult to see what you are doing based on the data you submitted but at an 8%cap requirement I would estimate the value of the property at about $120,000.Good Luck.Bill

I spent the better part of my life serving in the military.

@Robert L. 

Thanks for the input @Patrick L. 

Thanks for the reply @Bryan L. 

@Christopher McGuire There are more moving parts to your situation than with a typical L/O deal.What are you selling the property to them for?