@Janette Olano  Janette I think you would be best off not putting your buseinss model on the internet for regulators to see. what your doing is simply not allowed.. your RE agent will loose their ability to bid on hud homes  at least that's what I think I could be wrong  @Greg H. is the real expert at these.I fund a bunch of them. but we close them all in the original name of the contract no monkey business. 

Or would it be better to reduce our expectations and shoot for a triplex at the upper bound? 

I primarily work is as an Asset Manager/Analyst for a Healthcare REIT (3+ years) and have been studying/analyzing single/multi family, STR, MTR and loosely involved in a handful of deals along the way for longer but looking to take action with a couple money partners I have available. 

Depending on what you invest proceeds in, you obviously want to ensure the cash flow is sufficient to service the note or risk loosing both the initial property and the equity.

I doubt you're at risk of loosing the property. 

It's not rocket science but without some basic knowledge you're bound to compromise the marketability of your home and/or the pool of buyers.

I loose/invest 1500 or so a year, but the previous owner paid down my note for me for 9 years and then handed it to me.

As a broker in a small company, I don't have the time to teach or train a brand new agent - it's a lot of work to take on the new agent and I don't really want to take on an agent who does not already have experience and know what they are doing.There may be some small mom and pop firms like mine that don't care if their agents really know what they are doing and will take on the responsibility of holding your license and turning you loose, but then again, you don't get much back from them in return.I stand by if you are a new agent, you need to learn what you are doing and a place like Keller Williams has that training - you don't have to be a full time agent there to get the basic training in small doses.There are also larger companies that have the staff to answer questions and help the new agent, but turn you loose - like Platinum or Kansas City Regional Homes or Realty Executives.Not sure if Chris' Arrow Realty takes on new agents?

You are not bound by Dad's business plan. 

Loosely plugging some of this into a model seems like a potential  for well over 30% cash on cash return per year using traditional leverage.