Once you do this long enough you learn to limit the options that you give and make sure you are in control the entire time. 

Working on a loan with them right now, and they are very understanding of the limitations on some properties. 

Not only will it limit how much money you will receive but your rate will be HIGHER too! 

As far as auto limits to qualify for an umbrella policy the 250/500/100 is standard.

(Of that 25%,  minimum for General Partners would be 10%, Limited Partners 90%).Debt = 75%. 

the duplex triplex small multi market in houston is very limited and usually in C class markets. 

He has agreed to do the day-to-day management of the property (long term, as I accumulate more assets, I would consider hiring a property management firm).Looking to get some advice/call out any pitfalls in my assumptions:Focus on low cost, 55+ communities in Boca Raton/Delray Beach Area (Century Village, Kings Point etc.)Setup an LLC with my dad and myself listed (otherwise, my options to purchase in 55+ communities would be limited)Properties must have a net operating income of $1,000/month or more, expected rent $1,600-$2,000HOA: $450-$550, Insurance: $50-100, Taxes: $50, Maintenance: TBDInitially pay for all assets in cash, no debt. ($40k-$100k purchase price)For the first investment only look for minor cosmetic upgrades.

I’m starting from very limited knowledge, however I'm eager to learn and looking forward to getting started!

His plans were approved by the powers that be.I was looking at adding on to a 2nd garage in Washtenaw county and the most limiting factor is the county requirement that it be at least 20 feet from the property line.

So my biggest question, for a guy that has very limited experience in the real estate, is where should I go from here?