I would like to take an aging house, force some equity and cash flow it.  

At our age it seems silly to have taxable investments, since 59 1/2 is soon.

Brilliant decision getting into real estate at your age, I purchased a multi family when I was 19 and still in college, my tenants paid my mortgage and I basically lived for free and it was the best thing I ever did.  

At your age, us that money to put down on a SFH and then rent the rooms out to your friends and let them pay down your mortgage.

Also, depending on the tax bracket and age of the seller it might be worth exploring the option of the 400,000 being paid  as a consultant days during certain revenue benchmarks  or occupancy benchmarks bench marks being met.

Your young age can be a great asset, use it wisely, ask many questions and LEARN.

First thing first, get qualified for financing and then think about floor plan, bathrooms, parking and the age of the home.

It seems that that age is right around when the effects of good/bad management begin to really show - some units are a little ragged, some pretty nice.What I want to learn is how to be precise about capex estimating.

Also is REI a good choice at a young age if I'd miss out on the compounding of the stock market?

First investment at age 19 paid me $80 every month through college.