My long term goal (10-15 years) is to achieve financial independence by generating approximately $12k a month in cash flow.

I have two houses (4 units total) that are generating a good monthly return but I know I can get a lot more bang for my buck going south.For example the average MLS sale price this month in Calgary is $482,113. 

My latent passion for real estate investing was recently rekindled and here I am ready to dive in and start creating my own deals.I've been getting out looking at open houses to get a sense of my local market, crunching some numbers, and reaching out to people to start building up some contacts in the residential real estate world.My ideal path is to do some rehabs to generate some more capital and then move to buy/holds.  

Sheryl Griffin Thanks for your response.For solo 401K, is the contribution limited up-to the income that you generate from self-employment of business?

We will most likely provide the equipment as part of the lease.

After deciding to jump into being a landlord and after lot of hard work now I have a portfolio of 50 units apartments generating 6 digits cash flow per year.

How would taxes be computed on a partial exchange, where I would be buying down in price (by about $200k) and then either A) taking a smaller mortgage than I had on the relinquished property and using all the sales proceeds or B) taking a larger mortgage but generating cash at closing? 

In addition to that, we've put up about 60 bandit signs throughout our target location, setup a lead generation website, and are now compiling data for different types of niches for our DM efforts.

Caleb,I would find your partner with experience, keep the first in your name for security and do fix & flips to generate capital and get the experience.

., promote investment in almost any space that they perceive as meeting their vetting criteria, how can they expect to generate returns anywhere near the Specialized VC firms?