If you're doing what you like and can afford to live your lifestyle, you're doing better than most. 

Since it sounds like you have a healthy amount of liquidity, a good option could be a bridge loan to acquire and renovate the property, then refinance out once you've placed tenants and it's stabilized.

@Joe Mathew- I am in WA  but I  have  seen  many WA  moving / investing in ID  in the past  few years ...so depending on  what and  where you are  considering - that marketplace  seems to have been healthy  ( and likely  because of this , the markets  prob  up  quite a bit  for most areas  over the past few yrs  )  .....

Today we only invest for cash flow and that covers our retirement lifestyle.

The numbers are very healthy, so not worried about that.The tenants are currently at about half market rent or lower, of low quality, and on m2m, or verbal leases.My original plan was to vacate the entire property and do all the reno and landscaping in one big push with the goal to get the units back on market by August (college town, school starts Aug 31 so much easier to fill units before then), but my contractor is concerned with that timeline citing labor and materials factors.

I do think a correction could be healthy, but I am not as concerned in the short-term as I personally focus on holding my investment properties for the long-term and encourage my clients to do the same - so long as it fits their strategy and goals.As a commercial agent, are you seeing small multifamily properties (2-4 unit) being purchased more by experienced investors or by owner occupants looking to offset their living expenses while building equity?

I'm just saying there are reasons more important than making lots of money NOW, and making sure your family is in a healthy spot is one of them.

Also, be sure to have a healthy reserve account for each property in the event you have a vacancy or repairs that need to be made. 

I've worked oilfield the lastv7 years as a pipeline welder which is kind of a gypsy lifestyle going from place to place and job to jobbwith layoffs in between companies.

Or even just simply needing somewhere to house their family temporarily and provide a comfortable lifestyle in country or abroad.