Get a mentor to help you and always Check with an attorney to assure you are in total compliance.I build new for rental primarily for the following reason: 1) I am a builder and have the KSAO's (knowledge, Skills, Abilities, and Other) means necessary to efficiently and effectively build; 2) I buy all my land substantially below market value (usually off-market); 3) any land I buy at market has an immediate value-add component that can quickly make it worth more that what I paid for it; and 4) Cap Ex is generally MUCH less for new construction which means a stronger cash flow up front, but you are always going to need to maintain a suitable Cap Ex account if you are truly going to hold for more than I'd say 7-10 years.... but everybody has their separate opinions and thought process concerning what the "right" amount to designate to Cap Ex is proper..... 

I just got bit in the rear b/c Albany reassessed my property for what I paid for it (duh), which effectively doubled my property tax liability.I'm owner occupied, and with my first purchase I was primarily concerned with simply making sure the income covered operating expenses, and not terribly concerned w/ driving profit, but I was relying on the ~$200/mo I was making above cost to help subsidize fixing up the building, and now I'm about $50 south of the property costs.Paying $50 a month to live in my 4-unit isn't bad, but if this was a classic investment property, I'd be pretty ripped :)

I noted the fact that many people focus on three income streams that are least effective for building wealth.

My neighbour sold his house a week before the new mortgage rules went into effect for 200K over asking and literally a hundred people went through it, and last week my friend put his house on the market (nice house, great area) and only one party made an off at asking price...telling perhaps, but would be interested to hear what realtors are noticing.

If you still want to manage the property yourself, the first 3 are all good, but may not be cost effective depending on how many units you're looking to purchase.

While there are free tools like Craigslist that can be effective for marketing a property, other avenues like newspapers, real estate websites or property management companies will come at a cost.

Sharing the data below and appreciate any advice on how you would forecast vacancy.For reference: I plan to acquire for cash flow and maintain as needed; no active development.Q3'16 Metro-Detroit Data; source: CBRESub-Market data specific to the building in question (classes A,B,C); source: listing broker(shows 8% vacancy)Historic Vacancy & Forecast specific to the building's submarket; source: listing brokerI requested historic data dating back to 2005 to observe how vacancy was effected by the last recession, but historic data was only available to 2012.

well if he seller finances it to you, then he won't be getting a large sum that he'd use towards another property, so that in effect would also be one way for him to avoid having to pay capital gains on proceeds or a payout.  

Even though I have a ton of experience with airbnb I would not do it unless I can hire a person to deal with little nuances that is cost effective or it was next door so that I can deal with it easier.

As to real estate, immigration crack downs might effect that roofer you have, individual health care policies might drive up the cost of doing business for small contractors if they will still be required to be covered, seems they want to get rid of Obama Care but still want everyone covered.....we will see.