You're in a strong rental market, and house hacking a small multifamily in Phoenix is a smart way to build wealth.

If a policy excludes wind coverage (more common in places like Florida where insurance is severely strained by weather and other market conditions) then all wind related events are excluded.In those cases, it's sometimes possible to purchase a wind policy (usually covers wind & hail) which would provide tornado protection.

Even when the market is down, gradually adjust rents so tenants don’t experience a huge price shock later.

But if costs are high or demand is uncertain, holding onto the land while monitoring the market might be the better play.

If you ever need insights on the Portland/surrounding markets or strategies for maximizing returns, feel free to reach out.

You need to develop a subject matter expertise and treat this like the hands on business that it is. 

Quote from @Ivan Castanon: Quote from @Jay Hinrichs: depends on market most of FLA that wont move the needle.rust belt mid west you can find deals for those amounts.. going to be rougher areas of course. do NOT follow the advice of anyone suggesting second postions or gap funding.

If the latter, how does that look on a day to day in terms of operating, marketing, and the ownership structure?

For calculating ARV, platforms like Zestimate, PropStream, and Reonomy use machine learning to analyze market data and comparables.

you can still find good deals more west of the freeway in SLC or off market in SLC or south salt lake but they are harder to come by