This significantly lowers the cost per door and improves your return on investment.Scalability: A three-story walk-up design allows you to maximize your build cost and land use, just like most professional apartment developers do.Control with New Construction: Starting with a new build ensures fewer risks, as you’ll have control over the property’s condition and avoid surprises from existing structures.Pro Tip: If you do go with an existing property, make sure to thoroughly vet the deal to avoid hidden costs and issues.For first-time investors, multifamily new construction is often the best way to scale quickly, reduce costs per unit, and build a sustainable rental portfolio.

If you want to be a professional in this business you need NARPM

Buy something that will be in demand for years to come and rent to tenants you want to rent to (college, young professionals, families, grandparents).

Proper structuring with professional guidance is key to achieving both parties' goals.This post does not create a CPA-Client relationship.

Quote from @Elimar Rios Guzman: Hello BiggerPockets Community,My name is Elimar Guzman, and I'm excited to be a part of this thriving network of real estate enthusiasts and professionals! 

Readers should seek professional advice.

Good quality of life, good potential for appreciation over time, and an area that is unlikely to lose its draw for young professionals and college students for future tenants.

Soft Costs and Professional Fees - Could you share insights on budgeting for architects, engineers, project managers, and legal fees?

This was due to asbestos abatement, sewer line replacement, scope creep, and poor planning.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

As someone who moved to Waco from Miami just because my wife got a senior position in Magnolia, I've met many families and individuals who have come to Waco from LA, NYC, Seattle, etc. just to work at Magnolia, SpaceX, Baylor, and some big churches in town, such as Antioch.