Wheelman you are 1000% correct. I will have to treat it all as a business. I am well aware but no first hand dealing yet of the time it takes when getting into real estate. Some people that I know say stick with commercial- less head aches, you can kick people out when rent isn't paid unlike res that takes months and much more. If I was to get into a multi-fam situation I am thinking 4-8 famiy will be worth the time and the return will be more.
Down payment - cash is king.....correct. What is done is done. Some people said I should have not paid down my student loan and used the $40k to buy property others say pay it all off first then look. I am patiently looking to find that "deal" and during this time it gives me a chance to save more money. 20% down payment for me isn't going to happen if I leave me folks home. Avg single family home prices are about $425 and up and commercial even higher.
Like you said, I will/am trying to do this without putting myself into trouble and don't want any property taking away from my income. Location, location, location is key! I try to read as much as possible and ask as many questions from anyone to try and be ahead. Everyone is trying to make money and everyone tries to sell you a dream.
So thanks wheelman for taking the time out for posting yout replys.