It wasn't long after a good bit of offers that my first deal got accepted - a short sale on a condo that I would up living in while renovating.

A building with 6 condos was built in it's place, each condo sold for $550K, or $3.3 million. 

I have been on the search for a small multi family (duplex, tri, or quadplex) in the South DFW (Burleson/Joshua to Mansfield area) This will be my FIRST home purchase to begin house hacking and building my portfolio.

My wife and I own some rental condos in Honolulu that are managed under contract by an agent we've known in the building for 25 years.

: I understand that there is commercial and residential, but there has got to be subgroups While I don't think you need to niche down immediately, some specializations in residential RE are:- Co-op- Condo (incl. luxury)- SFR (median pricepoint)- SFR Luxury- MFR- RentalsThere are a ton of commercial RE specializations including retail (various types), restaurant, other food/bev., warehouse, storage, and dozens more.What should I expect when first coming into the profession ?

Start small by buying a duplex or single-family home with minimal renovation and in good rental areas.

I engaged with a builder that had built 22 duplex's and those were not moving on the local MLS in Vancouver Wa. 

I don't think condo hotel rates will drop over the next 20 years.

Quote from @Brandon Tusing: Hello BP Community, I currently self manage my duplex and have amazing tenants. 

Might not be ideal to go from a personal home to a duplex/triplex/quad but it's a great way to buy with as minimal % down as possible.