@Jake SalibaYou are right, at this point of my life, because of the little amount of money I bring to the table on a monthly basis, purchasing a multifamily might not be the best plan of action.

I understand one way is utilizing depreciation to lower my active income's taxes, but when are people pulling out salaries to utilize in their non real estate life.  

The short answer is no,don't do it.You don't seem to be in the right mindset to become a member of my profession which is exactly what it is,a profession and not a hobby to pick up or put away at will.My profession requires lots of time devoted to learning both in and out of the classroom for at least 6 months to earn a license and the follow up sales training at the brokerage.It is not cheap either to get started with all the fees involved.From what you are describing about your personal life,family demands,and interests desired to pursue,I would concentrate on learning about investing in your spare time.Learn how to evaluate property for potential profits after repairs are done.Join an investment club and surround yourself with successful people who have already been through the process.Learn about hard money,gap funding,and what it takes to get the money you need when you need it.

You can easily see a 100 year old house with a fresh roof, windows & hvac and you can see a 50s house with all of them towards the end of their useful life.  

I also have sewer & water line insurance provided by DEP via American Water Resources (AWR) but every time I call them, they say there has to be a clog and all they will take care of will be fixing the clog.

If it is to be used as "residential" real estate then the life over which you depreciate it is 27.5 years. 

I could see lots of folks with limited equity and no flood insurance on their house walking away from the mortgage before spending the tens of thousands of dollars to fix flood damage.

I enforce my tenants purchase renter insurance.

The move is in an effort to accelerate our ability to save capital (see Set for Life by Scott Trench) as we will be living with my parents rent free (we are currently renting for $2,000/mo in Orange).

This provides me with real life investor relationship experience and a success track record.. check-I started what is now a worldwide podcast interviewing successful real estate investor and entrepreneurs.. this shortened the learning curve and provided me with insights from the best minds in the game.. check.