I do a bit of flipping, BRRRR, long term rentals, and wholesale.

Multifamily real estate has traditionally been a stable asset class, and the Washington D.C. metro has traditionally been a stable market area, making the two together a good safe bet, especially for anyone with a long-term view of their investing strategy.

I think it would be better just to stay on good terms and let him know you will contact him when you are ready to sell.

@Joshua MiddletonI am very familiar with that street, good friend used to rent Long term on it for about 7 years.  

My ultimate goal would be to buy fixer-uppers to turn into long-term rentals.

Of ourse there is a cult following for some of these programs who swear by it, but again, its simple math and show the numbers. 

Purchase price: $145,000 Cash invested: $15,000 I obtained the home 9 years and am holding it for cashflow as a single family long term rental.

Shorter term deals though, they will hold 2 to 3 years, sometimes less.

With your primary residence, things can be pretty straight forward in terms of splitting mortgage interest, real estate taxes etc. on your returns.If you go into a rental property, there are a lot of considerations to think about.

I actually got caught up in the creative finance bubble of trying to lock up properties way over their value just because it had creative terms not realizing that if you were to buy a property at 120% of its value you will never be able to refi or sell without paying out of pocket.