The cash flow is decent but the building is older and needs work.

Your Financial Goals are as simple as generating two very basic sets of number...dollars really:1)  Make enough Profit (lump sum returns) to Pay Off your personal debt...ALL of it.2)  Get enough CashFlow to "cover" your monthly bills...ALL of them...and to replace your current method of doing so.The overall Plan, is comprised of a series of Measureable Milestones made up of groups  of the individual Financial Goals (Debt Payoff, Cash Flow)...all lined up in a row.  

Those will be tough to cash flow though.Or you can go to HCAD.org and do a search for smaller apts, I think there's a 4-20 unit category. 

@owend my goals are to keep acquiring rentals so that we can retire and have a family on the rental cash flow.

It will release me of ownership and rental cssh flow.3.

Currently cash-flowing $1,645 a month with a 20% down payment.

Is there anything I should check in particular as I'm suspicious of an investor giving up something that appears to cash flow so good.  

Finding the sources of the data, clean it and then getting it to flow is the challenge. 

W2 not needed as long as credit is strong and asset properly cash flows.

Long story short is I want to buy a multi family home 4 family would be ideal but a duplex will be sufficient if I can find the right deal, for my first property in NJ I would love to see 1k a month positive cash flow, I am looking to take a investment property loan and put down 25% and upon research I'm seeing hat I need 2 years property management experience in order to use rental income to qualify, while I don't personally own any investment properties both my mother and father own several units which I am 100% a part of helping manage and repair when needed.