I think the right investor would do 2 units long term one unit short term. this strategy allows you the greatest flexibility. we are also developing an extended stay hotel that's 58 rooms. the size of the average room in that is 216 square feet and rents for a target $80 per night. our development cost per room is 100k per room with hard construction. the smaller you go the more money you make. if I was to suggest anything it would be to focus on the smaller part of the market and on multiple unit dwellings and finding and identifying markets that meet similar numbers. that will probably be midwest markets.

Quote from @Jesse Scheidel: When setting aside money for Capex, Vacancies and maintenance, should you use multiple bank accounts?

Multiple things can be true at the same time.

I'd recommend speaking with local specialists in your target market to look at multiple investment options side-to-side.Lastly, some of my clients have been encouraged to stay away from HELOCs unless they expect a lump sum (inheritance, sale of other asset, bonus, etc.) to pay off the HELOC in the next year or 2. 

Leveraging financing to acquire multiple properties is a smart move for long-term wealth building. 

Master negotiation skills, and always have multiple exit strategies.

We model deals for IRR and MOIC and like to see 17-25% IRR and a 2x multiple over 5 years. 

I already have proof of concept in Raleigh as Ive talked to multiple people (including the agent Im working with there) saying airbnb-ing rooms is a cash cow there. 

We have no experience managing tenants but have both been renting for a few years now, which has given us some perspective on being good landlords.

Seeing how you want to work for multiple people, a brokerage licence is required.