My plan/goal is to build up enough passive income through Real Estate (specifically small multi family units in East TN, but not opposed to SFRs) to quit my current job, move back to TN, and be a full time investor by the year 2025.

Additionally, I will add:-I don't think 38% expense ratio is being conservative, being at 50% is conservative and some buildings exceed this-bank won't even lend on a deal with a DSCR that low, you need to underwrite to at least a 1.25 or the deal won't get done-figure out what financing vehicle you're using, agency debt (Freddie) is possible at a lower LTV and interest rate but comes with requirements, community bank is tougher to get 30 year am on-I see nothing about exit assumptions, you might have to refi/sell after 5 years with higher interest rates and a softer market...then what?

I’m more focusing on multi family real estate.

We are both in the consulting/audit fields and want to begin investing in real estate.Right now we are looking for a multi-family property with 2-4 units where we can live in one unit and rent out the rest.  

Majority of the homes in the area are being sold as "single family", and this type of multi family house seems to be going out of style.What im thinking about doing is offering her seller financing, wait for the leases to end on the tenants and then renovate and sell.

Should I take advantage of the equity and sell to buy a small multi-family??

Yea I’m actually from Louisville and buying multi family down there in 40218 right now.

Maybe you can find someone to partner with and buy a multi family property to go in on?

Don’t go after multi-family.

I in turn l learn I can sell assets (IE vehicles) and that will do.