@Jay Hinrichs With your background, knowledge and network, you would make a great syndicator.

I am open to any opportunity as it would provide me with new experiences, however, I believe my primary niche will be in single family/Multiplex homes.Thank you for reading my introduction and I hope to network with each and everyone of you as I continue my journey as a Real Estate Investor.Regards,Tony

Means I’m not doing enough networking... gotta get out there more!

They will typically have a list of businesses available for sale.Be sure that you have a good CPA go over the claimed numbers with you. 

I have the capital to put a 20% down payment on a nice home, but I'd rather leave as much money available as possible to see where the RE market goes and invest those dollars in other REI opportunities as I build my network and set strong, well-informed target parameters for investment properties. 

In addition to joining local REI groups through meetups as suggested by @Michael Sato, you can search BP for local folks and network with them, ask for recommendations of attorneys, agents, contractors and etc.

This is a question for your CPA/tax adviser that I can't answer but it is one you need to ask to get the full picture and may sway your choice of equity source.Finally, on the expected rents, how are you determining that $650 is a realistic number?

In conjunction with your own searches, network with a local agent (you can probably find someone on BP) by e-mailing them or taking them for coffee. 

I hope to learn a lot and gain a great network of subs and friends. 

I am linked into a really good military network that can help when you pcs and help you build your teams in the different locations.