Combined, our incomes are over 100k, so we definitely have an advantage there as we look to invest.The plan is that we will form a partnership (of some legal form) so that we can take advantage of both our incomes to scale our business faster, easier, and with potentially less stress and worry (at least financially).

I would consider hiring a property manager, at minimum to advertise, screen and lease, unless you have prior experience.One advantage you have is that prices may soften going into the holiday season.

It is much more to their advantage from a tax standpoint to wait and inherit the property.

Jerry, the advantage of getting a block of houses geographically together is that you can impact the area more with improvements and tenant selection, and you are more efficient in trips to the properties.  

Question #1: Managing your own propertiesManaging your own properties is based on the assumption that you can save money or that there is some advantage.

The advantage you could bring to compete with that is to not do credit checks as complexes do, but you off course run certain risks there.

Connected Investors happens to be based here in ILM - a nice advantage for us locals!

Our intention is to purchase a 2-4 unit home and live in one of the units, thus taking advantage of FHA/203K financing.I cam across a HomePath duplex property that looks very promising.  

Recently me and my partner decided to dig into multifamily real estate because we think the advantages and leverage it provides, is more tailored to what we wish to accomplish.

It may be to your advantage to purchase at this time as the seller is well aware of the issues.