You may pay 1.5m and up for a good one, likely more if parking and balconies, but the play is to buy a multi and then wait and in a few years, turn them into condos and sell them separately - that's how you make the money there.

Plus, they handle online rent collection (a necessity if you don't have a property manager!)

Microsoft Excel, and most budget or free online bookkeeping isn't going to cut it in this situation.For the rental properties you own directly, I often tell clients and prospects that a P&L in Microsoft Excel is just fine and a balance sheet is not necessary for tax purposes. 

Will need to know density, parking requirements, can the building withstand building on top, lot size, future planning etc…. depending on how well the zoning and platting dept plays with others!

But yes, your retirement benefits may be negatively affected when you play the S-corp game.

Andy Sirkin (fantastic legal team from SF) has a library of free online articles and a set of agreements to purchase, to help you on your way to become a Subject Mater Expert. https://andysirkin.com/article...Elizabeth and Christina (The Rental Girls) have done a great job pioneering the shared ownership (TIC's) model in Southern CA. 

It's a $10/mo subscription that you can turn off after starting it, meaning you'll have 30 days to play with it. 

:)The only beef I have with your post is that you are already assuming their is going to be beef between tenants and you are going to have to play peace maker.

Thank for your help Connect with a great property manager or use one of the free online tools to estimate rents.

To me it’s a challenging game, an intricate puzzle where if you learn how to play you get great results.