However, the two strategies can be combined and applied together by buying a distressed property and living in one unit while fixing the rest.

Expect some negative cash flow at first, but once you get your own tenants in there you'll be in much better shape.I would also lay down the rules and expectations on the existing tenants from jump, and when their current leases expire, have them sign a lease of your own, with these rules and expectations reiterated.Good luck!

@Victoria S.When fully rented out does the property meet at least the one percent rule?   

Has anyone here applied for the property tax abatement and can shed some light on the process?

For leases, use your standard lease and just adjust the parts that apply so it works for a garage storage unit.

As long as the banks will continue to lend us to build our fourplexes we are forging ahead..we live in a stable area in Texas, we have 2FT employees, I still work FT as a nurse.. 10X rule;)

We learn all the lessons and some of the rules along the way: Some easy - some hard!

I, too, was thinking about going to a six-plex or something like that for my first property but I don't have the funds for repairs and you know Murphy's Law rules in those scenarios.

@Christopher M.Thanks for your reply, it's much appreciated my fellow Chicagoan :)I will respond in order of your points...with regard to the purchase price, yes, I understand the 70% rule, and the purchase price of $43k was based on the exact math you described. 

I just learned about the 70% rule and debt-to-income and some other rules of thumb.All in all, what i'm trying to ask is, are there any important terms and/or concepts that I should really get to know before fully immersing myself into wholesaling?