Every company is going to operate a bit differently and you want to ensure that you are comfortable with their operations as well as their style of communication.No company is perfect but a great company will provide great communication to owners and tenants alike and be proactive in refining their systems so when the inevitable hiccups occur there is a plan of action to make corrections and grow stronger over time. 

If you write the letter correctly, you won’t get angry calls.

There is also a lot of skill involved that are challenging to get correct until experience is obtained. 

As always, @Russell Brazil is correct regarding the DC multifamily market, very competitive, low inventory, and even smaller returns.  

If I’m hearing correctly I need to:Run through my due diligence checklistSit down with the CPAAsk for bank statements Talk to other multi family owners and property management in the areaMove quickly As far as what I would foresee needing from a partner?

Sounds like your logic is correct.

The property manager route would teach you the other side of investing and allow you to seem more knowledgable when talking with investors.

Since agents aren't W-2'd what would be considered the correct "salary"?   

Times 2 years, and you'll be $3k short of your projected expenses.Now add into the mix the increase in costs from what you are using now to estimate your future CAPEX off of, and you won't have enough money...even if all goes well.Saving for CAPEX through your cash flow is a losing option.Let's just see what happens if you do have added costs, and vacancies per year:assume 1 month vacant and one month worth of added costs per year, and you would end up saving only around $4500 per year.That would put you $6k short of your 2 year estimate, and (assuming you will only have the 3 years after that) $1500 short at the 5 year mark.The HELOC is there waiting for you when you need it.Thanks for the reply @Joe Villeneuve, It seems that no matter which route (or combination) I use, the $ will still be coming from cash flow. 

So assuming those numbers are correct you wouldn’t buy a fourplex.