Well @Adam McCarty there's an old expression we used to use in the Army, "the situation dictates." In short, the situation of your market will determine what's your best course of action. Are multi-family properties abundant in your market or scarce like in a lot of smaller markets? Are the properties available under value better for holding onto or flipping? That is determined by your market activity and rent rates.
For example, if you can easily find properties with ARVs of 100-120k that have average DOM of 90 days or less and those same properties will rent for 900-1100/month, that would suggest flipping them. If houses with those same ARVs have over 90 DOM to sell and rents exceed 1000-1200/month, that suggests a stronger rental market. These are general numbers for illustrative purposes. You have to analyze your market and make the call on which you think strategy is the best fit.
No matter what your market conditions, buy and hold is where the wealth is built. It's a matter of whether you want to hold 2-3 and flip one or flip 2-3 and hold one (SFR or MFR) or whatever the right mix is, as your market allows - you have to make the call.
