Business Plan Advice

[Scott Buck]

I'm starting to put together a somewhat informal business plan this weekend and am looking for a little guidance. At this point the purpose is largely for my own accountability and to show my wife there has been a substantial amount of research and thought committed to real estate investing. 

I have heard a number of people suggest outlining a strategy and end goals and then backing into the steps required to reach that goal. For example, I want to generate $15,000 a month in cash flow owning small multi-family properties. I can work backwards from there but would be interested to hear what has worked well for others including. For example, should I be identifying specific geographies, types of tenants, use sample examples based on current available properties, identify local property management companies etc etc. 

Again this is largely going to be informal but may become something I use down the road in some other capacity.

Thanks,

Scott