Hey Robert - Condos and apartments can be a solid entry point due to lower purchase prices and potentially lower maintenance responsibilities, especially if the HOA covers exterior upkeep.

This allows you to pivot when you can get a more favorable situation.Renting:Pros: Flexibility, less upfront cost, maintenance covered by landlord.Cons: Limited equity building, rising rents can strain affordability.Buying:Pros: Potential for long-term wealth building through equity and appreciation.

Currently finalizing a deal for another property with a different individual investor where we will have the same payout model, but they will put up a bit more cash to cover all the admin work I have to do to set things up. 

Hi Owen- Most others have covered the specific areas to consider.

So most agents are only putting about half of that $12k in their pocket, and out of that $6k they have to cover all of their operating expenses: licensing fees, MLS/ Realtor Association fees, continuing education classes to stay compliant with licensing requirements, monthly "desk" fees/ technology fees to their brokerage, health insurance for themselves and their family, errors and omissions insurance (required), marketing, car, car insurance, gas, clothes, computer/ software, cell phone, closing gifts, signs, photography, staging if they offer that, etc.

They managed to cover the mortgage and still had a comfortable place for family vacations.

I would offer it on a land contract to someone wanting to live there for around 1500 and small down payment or sub2 with a large down payment and monthly that would cover PITI.

If you do outsource, some management companies will cover various things like cleaning, supplies, etc. so look into that as well. 

I profited well but not enough to cover 6 months if they were all slow months.

If one or more units are vacant, the remaining units often don’t provide enough cash flow to cover expenses, making it harder to meet operating costs.Maintenance costs: A fourplex comes with four times the appliances, plumbing, HVAC systems, and other components to maintain, leading to significantly higher repair and maintenance expenses than single-family homes.If you want to see the detailed calculation, read this BP blog - More Units Doesn’t Mean More Money—Why a Single-Family Home Can Beat a Fourplex.Resale value: Multi-family properties have a limited buyer pool—mainly investors—who base their offers on CAP rates.