Lots of beginner questions (single family rental properties)

[Takahito Torimoto]

I have a bunch of "beginner" questions relating to (mostly single family) rental properties:

1. Where/how else can I find single family rental properties to buy if not through MLS/realtor? (As I hear there are cheaper/better places to find them?)
2. Multiplex properties - as far as I can tell - tend to be in "bad" neighborhoods or lower income areas. Do they not exist in "good" neighborhoods?  If so, how can I find them?
3. I hear banks are hesitant to give you a mortgage beyond 4 rental properties. Where/how are my choices after 4 properties? (My understanding is that the 4 max mortgages is only counting investment properties, not primary properties, correct?)
4. What are the "specs" of the highest demand (single family) home for a rental (number of bedrooms, baths, 1 or 2 garages? Garage vs car port?) My understanding is 3BR 2BA - if you include the demand for "resale-ability"? Is a garage recommended for a rental?
5. Is it worth converting a garage into a bedroom for a rental?  Is it worth adding a carport if a rental doesn't have a garage?
6. What are the best type of tenants (that will stay long-term)? My understanding is a family (single or married) with kids?
7. How are expensive (high end) homes a good rental? It seems the low-to-mid-range homes are better (in terms of cash flow)?
8. What type of neighborhoods are best for single family rental properties? My understanding is neighborhoods that do not have low crime rates, and have a medium-to-high public high school rating.
9. How often should routine professional (re)inspections be done for a rental?
10. My understanding is that laminate for flooring is best in a rental. But should bedrooms also be laminate or carpet?
11. What is the best way to sell a rental property with a tenant in it (but not to the tenant)?
12. Where can I find/get a sample Move Out List to give to tenants (list of items to clean/fix before tenant moves-out)?
13. Is it possible to find good financing for rental properties during high interest rates where you can still make good cash flow?
14. This is here because I don't want to have 13 questions :-)

Thanks for any help :-)  Starting to (slowly) get into things... 

[Mitch Messer]

Hi @Takahito Torimoto!

Wow! So. Many. Questions!

Well, let's get started:

1. This is where (great) wholesalers come in! Sit back and let others find prospective deals and send them your way. Analyze these deals carefully yourself and then pursue the ones that work for you. The alternative is to create and execute your own marketing campaigns, but I truly don't recommend this option!
2. You are 100% correct and the reason is pure supply-and-demand. Higher-income residents generally tend to want single-family homes, and have the means to buy them. So, builders tend not to build multi-family homes in higher-income areas. Instead, they build SFH subdivisions in the suburbs and live-work-play townhome developments in the gentrified urban areas.
3. Answered best here: https://www.biggerpockets.com/forums/49/topics/91206-how-many-mortgages-can-you-have
4. This varies by location, but for those of us in Metro Atlanta the Gold Standard is 3 bedrooms and 2 bathrooms. A garage is definitely recommended: We Atlantans do love our cars!
5. I'd never give up a bedroom for a garage, but that's just me. If no garage, yes, a carport is a worthwhile addition.
6. Families with kids are probably best, but Fair Housing laws don't really allow you to pick and choose, so there's that.
7. In general, they are not, except for perhaps short-term or vacation rentals.
8. Yep: the suburbs.
9. I believe at least once a quarter.
10. Depends on the standard set by the neighborhood in which the rental sits. That's your competition, after all.
11. Incentivize (bribe) the tenant to help you show it, rewarding them for eventual success!
12. This might be available right here on BiggerPockets! You'll need to search for it, though.
13. Yes, and they are called private lenders!
14. And they call that triskaidekaphobia!

Just be sure to turn all this sage advice into action soon, otherwise it's just entertainment!