We went with option 1 for our first investment property where we saved up and purchased a $59k home at about 698 square feet with solid cash flow, but both options are great depending on what you're looking for as your end goal.Our main goal was cash flow so we went after what we could afford to get the ball rolling. 

Once you have some money saved up for a solid "emergency fund", look into house hacking your first property.

Building is solid. 2 units have tenants that have been there 20 plus years ( their rents are about $100 per month under market rates)I can maybe raise rents a bit for $2,400 more a yrI can pay cash.

Just replaced these SOR Lowes.White doors are steel $100 eachBurgundy is solid Oak $180 already coated with a plasticized coating.Took my maintenance guy 2 hours per door including completely removing the old doors & all new trim & caulking.I also get Appliances catch & dent.  

If you don't already have a solid contractor crew in mind with a timeline established, I'd encourage you to work that angle of the plan.

What does your property's sale price work out to if you multiply that PPSQ by the # of sq ft of your property, and discount it by a healthy margin of safety - I had my real estate agent confirm this ARV and he's pretty solid on his numbers.-4.75% for a 30-year non-owner-occupant loan?

The lot that I am offering is 50 ft wide and 80 ft deep it has a solid pole barn awning and no city restrictions.

Hey @Geren Knight III, this deal could be solid. 

CS is a solid market I've seen a couple multifamily deals get picked up very quickly due to attractive prices.  

Thank you for you advice.Sounds like you have a great plan and solid ambition.