Hi all, 

Long time lurker, first time poster. I'm live in San Francisco and am interested in out of state investing. My goal is to reach financial independence in 5 years by focusing on multifamily, buy and hold properties in cash flow markets. I plan to start investing in Milwaukee or Waukesha, Wisconsin because I have family in the area and still visit frequently. 

Here's my current investment criteria:

• Focus on 3-4plexes. I like the economies of scale that come with 4plexes.
• Purchase Price $150k - $350k. I have a fairly demanding day job and want to get the most out of my first 4 loans, so I'm looking for the highest value homes I can afford that still meet my COC threshold. I'd be willing to move to lower priced homes with higher COC when I run out of conventional financing.
• COC > 18% when fully leveraged and with PM. Obviously higher is better, but I'm willing to trade some profit for less headaches.
• B class areas. I'm not ruling out Cs since I'll use a PM, but I'd at least like to start in safer areas. 
• COC >> Appreciation. My 5 year plan is heavily dependent on cash flow. Appreciation is icing but not something I'm planning for.
• 3-5 deals closed per year

So a few questions for the group:

1) Does my criteria seem reasonable?

2) Given this criteria, what neighborhoods / zip codes would you recommend? I've had some trouble finding areas with many 4plexes.

3) Could you recommend agents, lenders, or attorneys that are be well suited for this investing strategy?

Thanks in advance!