If investing out of state isn't your thing, I'd recommend going with multifamily so you always have multiple streams of revenue to hedge any financial risks. 

If you're not the type of person who does well with group decision-making, this may not be the best type of investment for you to enter into.But heres the advantages:Low minimum investments and flexible investment amounts Since multiple people are investing in the same asset, the minimum investment on a TIC property is usually lower than one might expect.

I have a brokers license in multiple states and work as a broker. 

I have mailed the tax record address multiple times with no response so I looked up the names on Facebook, friended the guy.

If you're talking about how to reimburse yourself with respect to your investor/partner, if I were that investor/partner, I would expect you to pass one the actual cost of that employee to the project.That said, I would also want to see multiple bids indicating that the cost of that employee was comparable to hiring a third party.

Can anybody provide a brief explanation on how the refi works for multiple properties?

@Michael Kagan, I always tell people who ask that buying San Francisco apartments is a game of regulations, sweat equity, and you need to have a thick skin and patience.

Both lenders, particularly the conventional mortgage lender want the borrower/buyer to have personal capital “skin in the game” invested in the transaction3. 100% financing, if obtainable, usually result in negative cash flow, which means capital out of pocket from the owner each monthThat being said, “nothing down” purchases are done, but this depends on the definition of “nothing down”.

I've got multiple friends who served (and serving) and doing amazing things in real estate. 

Multiple income sources in a single purchase.