Financing is getting more available and will probably get more available to you.No matter what you do just stay in control of what you are responsible for.  

If they are not helpful, switch custodians or set-up a checkwriting SDIRA in which you will have total control.

Based on the traffic I am seeing coming through at the house today I will most likely be too slow on the trigger, but it was fun to consider for a while.  

Went by with my realtor yesterday to review what work I'd need to do and we find the basement with about an inch of water in various places :(House is still technically under owner's control so my realtor said they would be responsible for getting the water out and cleaning up the basement.

Once you have enough expertise to locate and control a deal, enough capital to help fund a deal, and/or enough experience to manage the execution of a deal, you will have the credibility to find experienced partners.

Once stabilized, your expenses would be closer to 40-42% including cap-ex. 30-35% won't cut it unless you plan to manage and do all the repairs yourself.If it's in one of those crazy rent-control cities, how are you going to get from $84k to $158k in rent?

Outside of that I will try to control my expenses which could put me closer to $350-$400 a door/unit.  

It sounds like you have it under control.

Are you willing to give up control?

I was thinking of minimizing income taxes if you ever sell the property but minimizing property tax will be more important if you continue to hold it.Implied in Deanna's comment above is that control is not the same as ownership.