We want to acquire a few smaller properties to start/practice with and then grow from there.

Both my partner and I have full-time jobs and we are looking to grow the business on the side.

If you're really only looking to grow into larger and larger multifamily as quickly as possible, I'm guessing 1031 would get you there faster.Also, I'm investing in the Cleveland market.

I believe high demand will continue in the future and vacancy will be limited to less than a month (in 5 years of ownership and 4 tenants, turnover vacancy has ranged from overnight, to 1 week).  

Im not playing in SW WI, but i do in Northern WI, you really need to know your market and numbers, compas are tougher to understand, but I do well im my markets, the majority of my portfolio is either rural, or in towns below 15K people. if you have a good team and a PM that operates at a high level, those markets can be gold, but its not for everyone, its not easy, but generally there is little competition and high demand@Michael B. population of 70K is quite big in most of WI other than Milwaukee, Green Bay, Madison and Appleton, there are not many cities north of 50K populations. 

OrIf the property is acquired without tenants, can this parking spot extra charge be something that can be adjusted month to month (maybe only some months the tenant would like to use it, and maybe the demand increases with more tenants).

Might be tough...The location is key because of demand.

I have officially initiated my real estate education a couple of weeks back and wish to build a solid foundation to setup and grow a new source of income.

I then put that money toward a larger house for my growing family, but I've always been interested in real estate as an investment. 

If you live in a high demand area it's worth ball parking how much time you spend (say half an hour to change the names on your least and reprint it) and a reasonable rate for your time ($80 an hour or whatever you feel you're worth) and passing that on.