If you have a multi-fam of 5 or more units, you can occupy them as an owner.

I would recommend finding a solid Multi to house hack with, and then start flipping.  

Has anyone used a third party billing service to bill tenants in a building that is sub metered?  

I have been warned about giving out too much information about the property online, as there are laws providing that tax debt can be paid in some states, by 3rd parties, who then can require up to 2x the amount in fees in adidition to repayment of the taxxes.

@Rhea JacksonHey Rhea, Nashville is awesome, very friendly people and on the upswing.I invest in multi family, which asset class do you invest in?

In order to be a binding legal contract both parties deliver something of value.  

I am primarily interested in multi-families to rent, but I have no deals for you, or for me at this point ;)

If my math is right I am seeing 130k, you might see if you can refinance the current property and buy the out of market party out right and then use the remainder for down payment on the local property.  

It is actually a better for your friend to have a signed rental agreement with the landlord, as it clarifies the terms for all parties involved.

I'm interested in SFH's and possibly some small multi-family.