Buy SFH now or wait for MFH

[Rea Cooper]

Question: Should I start with a single family and house hack or wait for ~10 months for multifamily?

Hi BP family! So I am conflicted right now. Due to rising interest rates, I do not have the capital for buying a MFH property and I most likely will not have the capital until ~September 2023. So should I wait until I have the capital or should I buy SFH now? Short term rentals will be my main play and there are a few good properties in the area however, the properties are either in areas of slow growth (house age + lack of development = low appreciation) or they are priced at the high end for the area they reside.

Quick summary of my RE strategy: I plan on buying small to medium SFH or MFH properties (2-4 units) until I gain the capital to invest in the larger MFH units (8-100+ units).

A few other questions that I have are these as well:

1) As a first time home buyer, would it be a good idea to look in other states where properties are cheaper?

2) Should I try to find someone to partner with? I do not have someone in my current circle who is into RE so I would have to meet someone, but is this wise when I have no experience?

Thanks in advance for all advice!