This house I'm looking at right now is really out dated and I bet there is little TLC needed.So they are asking 238,900.

The better calculation would be:Rent: $1000Expenses: $500NOI: $500Debt service: $233 (estimated from your $160, assumes 100 percent financing)Cash Flow: $267Yes, that's a good deal, from this numbers perspective.

I bet an agent making 6 percent of the deal, will find a way to ge tthat one done.

I was just watching CNBC and they talked about a highly anticipated launch from MacroShares.There is an up fund and a down fund and you are essentially betting for or against the housing market.

Don't forget about the calculators here on biggerpockets.comPlug the numbers in and it'll analyze the deal quickly, as well as break it down for you.

You're calculations are post R. 

Also if you plan on using a second FHA to purchase your single family home, then there wouldn't be any equity for you to take a credit line out against that home.As far as which is better the duplex or the quad, I would probably say in this case the duplex is the safer bet (assuming the two deals are equally good numbers wise). 

Option #2 sounds like a long-term play where you may be betting on appreciation in those markets. 

Out of state investing is your best bet, IF you want to start right now.

Here's some information on a plot of land I am looking at:The plot of land is $70,000, in a beach town (not a popular destination, but also not in a completely run down neighborhood)Has already been zoned/approved for 750 unitsBased on demographics I put rent at $1200 per month per apartment I calculated a construction like this will be around $7 million.Basically, I ran the numbers myself, but I know they are not spot on, and I am simply asking for advice from somebody more experienced in this field to help me out by pointing out things unique to these types of projects.