We want to have SMART goals but since we are just starting out we aren't quite sure what is realistic.

CA has some pretty far fetched rules about doing business, and realistically if you're the managing member of the LLC and you reside in CA, you are doing business in CA and subject to file.

Realistically speaking, what sort of financial commitment are you willing to make to your first investment (and keep in mind, this is not some sort of challenge.

Ive been through hundreds of inspections, so I think my expectations are pretty realistic for what they can reveal, which is not as much as the laymen thinks.

I think it's a realistic goal for me to acquire one property a year for the next five years. 

Perhaps, realistically, you'll be able to find something in the higher end of your range for a single family.Separately, you could look deeper into Jersey City (like Greenville, though not sure about your comfort being further from the light rail and dealing with some crime issues) or alternatively in areas around Union City (North Bergen, West New York), although I'm not super optimistic you'll be able to find deals in that price range.

I know I know this has been asked a ton of times before, however, in the current market, what are some realistic cap rates for fully turn key (managed) properties (multi units/apartment block) one could achieve as an out of town investor in a relatively safe neighborhood with say $1m in cash to put towards a property?

SMART stands for Specific, Measurable, Attainable, Realistic and Time Bound..  

Realistically I consider 1.5%+ to be a good deal.

So should I get pre-approved now just to see where I stand so I can have a more realistic idea or no since it effects my credit?