The keys are having trusted resources to help (both in the REI business and with the kids), very good planning, and being very efficient working when your planning creates the opportunity for it.

Tom,The key to success in RE is to become an expert in your particular investment strategy and your particular market(s).

Relationships are always key.

@Walter Key Do you know a way around this, or will banks allow for this with a simple FHA loan?

I won't give my keys until the lease is signed and the security deposit is clear right?

Turn key ready to move into is the best in my opinion.  

From there, you can determine what components are priority, and how much of a factor location will/should play into that.

Some key indicating numbers in single family housing are as follows:-Median Sold Price: $292,000-Sold Listing Price: Up 18%-Avg Days on Market: Down 33%Although single family housing it appreciating well which creates a great fix and flip environment, multi-family seems like a better long term strategy because of the 3-4 year turn over in Navy and Marine Corp personnel.

Management is key here to screen the best tenants and manage the tenant.  

There is obviously a risk component here and cash flows need to be managed, but prepaying FNMA mortgages is a terrible use of money.