Keeping that in mind if I focus on the area that I know the best (small multi-family), in the locations I know the best (Tucson and Phoenix), I will be able to analyze a deal effectively and determine if i am able to get the return that I desire. 

We opted instead to do minor renovations (paint, update bathroom, new roof, clean) which obviously increased costs but gave us an even higher than desired/expected ROI. 

That lets you build some more funds and puts you at a less risky position when you do set out on your own.More of my standard advice: If you're going to jump in on a property in a less desirable neighborhood be sure you're comfortable being there at night.

Ive been looking in mobile homes in good desirable areas but not too sure how well mobile homes sells in general.

If you make the apartments look nice then you will get a higher rent, if the apartments are dated then you will get a lower rent.I would make sure that the school system (K-12) is at least okay if not desirable, then people will move into the city/town. 

Being 15-20 min to the JSQ PATH is still pretty desirable, and there are a lot of spots that aren't techincally in Journal Square that are still 15-20 min walking distance to the train.People are starting to look into the area, and tenants are starting to overlook some of the things that used to be a huge concern.

In that case likely 25% down to buy a property as an investor.If it's a small franchisee I want to see a higher cap or 2 to 2.5% annual increases because a lender will likely want a higher DSCR and 35% down to offset risk of the less desirable guaranteed operator.If you are not willing to put in annual increases that are hefty to land the best locations then you will need to settle for the less desirable locations to structure the lease the way you want or lose out to national companies.Two opposing forces are your risk as a growing restaurant and my risk as a developer.You might or might not see restaurants as wanting to split out risk.

In speaking with potential retail tenants, a couple have expressed the desire to own rather than lease their space.

First, it is my desire to give back to new investors as I can based on my experiences, both positive and not-so-positive. 

I've also made a commitment to myself to come out of my shell and shed my introverted skin, so I'll be attending my first real estate investment group meeting on Wednesday.I'm nervous, but my desire to create a passive income stream so that I can quit my job burns stronger than my fear.