You want to be careful not to bite off too much on a first purchase so maybe if more four units or less or available that could be a better starting point with less risk and more ability to learn without potential loss.

Purchase price: $155,000 Cash invested: $60,078 Sale price: $275,000 Fix & Flip property in great neighborhood in Saraland, AL.

I purchased at 300k with 5% down & put roughly 90k into the property over a 2 year period.

Now days you don't buy a deal you make the deal either with how you operate the property, how you finance the property, or how you purchase the property.

You can purchase a primary home with seller financing, then rent out the spare rooms to generate income.

You can increase returns with leverage (that is a mortgage) or with value add (renovations, additions etc).I think cap rates (rents minus expenses divided by purchase price) on commercial and industrial is higher with less work involved, but its more expensive than I can afford--so I know next to nothing about that land.

I currently own one property, and I’m planning to purchase another.

Land is valuable as I could purchase a new mobile home and install and less costs since utilities are already on the land. 

Purchase price: $271,000 Cash invested: $30,000 Duplex with 1 bed, 1 bath in each unit + 3 car garage in a great neighborhood.

You don't need to actually rent to purchase a renters policy.