This is all new to me and I know it can get fairly complicated, so I'm just trying to see if this is an avenue worth exploring for me.

Obviously that means your two partners in the deal you mentioned may have to increase their cash by $25k each.

We are planning to upgrade all the units and increase rent by using quality material. 

From what I've gathered, practically any investment back then did very well given that home prices and rents have increased substantially.Even though today it seems much harder to find a good deal (like you said, it's probably a horrible time to be investing), would you say there's less competition now?

I just read as much as I could to make sure it was worth it in my situation.

With the first month of 2024 in the books, we're definitely seeing a lot more buyer activity in the market as well as increased supply numbers for both single family detached homes as well as condos/townhomes.

@Emma Hustis, The value of the property is what it is worth to you.  

Prices soften a little....but no where close enough to offset increased borrowing costs.There are basically two logical flaws that lead people to the conclusion that rising rates equates to equally low prices.1) They assume that other investors have the same borrowing costs that they do.

Once you have this team in place, you should be able to invest in any market confidently.As for picking a specific market - I would go after one with an increasing job and population growth.

Ideally, when you are looking for long term holds you want to make sure you are buying in a market with good potential to see approximately 3%+ appreciation progressively over the next 3-5 years with an increasing rent market.