In your case of a fourplex, option 2 should get you a better deal.I would also agree with Bill on how the number of units may not correlate with the value of the property unless it is a large multifamily complex, and sometimes a fourplex or several single family houses would give you better returns. 100% We always recommend conventional first until you can no longer qualify for those. 

These special assessment were thousands of dollars, and there was no sufficient reserves from the monthly fees to cover these large biggers, so the owner were required to cover the shortfalls out of pocket, what a great way to ruin your cash flow and ROI.There are benifits to condos, including tennis courts, playground, swimming pools, club houses, and fitness facilities. 

No loan, I paid cash for the 5 acres and built a pole house myself. 

@Derick Jennings Without knowing more about your situation, I'd likely recommend a house hack, a strategy I wish I would have known about when I got started.

@Abby H.Shifting from house hacking to small multifamily is a great way to scale, and securing a JV partner is all about networking, credibility, and structuring a win-win deal.

You might also consider house hacking or a local deal first to get some hands-on experience before managing remotely.

I went from growing up in a hut in Vietnam and spending my early years in Section 8 housing in the U.S. to now owning four cash-flowing properties (8 units) across three states.

I have a lake house near a University.

Another option is moving out of your place and doing a house hack.

Recently one of my clients purchased a $120k single family house and is currently renting it out for $1550/mo.