the duplex triplex small multi market in houston is very limited and usually in C class markets. 

He has agreed to do the day-to-day management of the property (long term, as I accumulate more assets, I would consider hiring a property management firm).Looking to get some advice/call out any pitfalls in my assumptions:Focus on low cost, 55+ communities in Boca Raton/Delray Beach Area (Century Village, Kings Point etc.)Setup an LLC with my dad and myself listed (otherwise, my options to purchase in 55+ communities would be limited)Properties must have a net operating income of $1,000/month or more, expected rent $1,600-$2,000HOA: $450-$550, Insurance: $50-100, Taxes: $50, Maintenance: TBDInitially pay for all assets in cash, no debt. ($40k-$100k purchase price)For the first investment only look for minor cosmetic upgrades.

I’m starting from very limited knowledge, however I'm eager to learn and looking forward to getting started!

His plans were approved by the powers that be.I was looking at adding on to a 2nd garage in Washtenaw county and the most limiting factor is the county requirement that it be at least 20 feet from the property line.

So my biggest question, for a guy that has very limited experience in the real estate, is where should I go from here?

Additionally, as a stop-gap measure, if the seller wont lower their sales price you could always request a home warranty (not sure if they do those for 4-plexes or not).

The time limit to invest is much better than 1031 (in some cased year and a half) and so on. 

There are a lot of ways to measure your profit, and cash flow per door is only one of them.

From my limited understanding HELOCs are typically whatever the current mortgage interest rates are plus 1 point. 6.125% doesn't seem too out of line.

I do not know how to limit future leverage, since I have limited cash.