I'm in the no pet camp, but some of it depends on the property.

I would think about having a local broker/agent give you a BPO on it and see what the number comes back in at..Think this might be where Chris was going, but depending on your area and what sales look like in the end of the year months, usually sales are a lot slower, that might be a driving factor.

Quote from @Peter Stewart: A lot of the answer depends on your income, how long it took you to save up that money, and what your risk tolerance is. 

This will depend on your risk tolerance and your goals but you should consider starting with a single-family home to gain experience as a landlord and build your network.

And keep in mind that the rate on the 2nd lien will likely be 10-12% so depending on the cash flow it might not actually yield that much cash to you at closingMore importantly, it's just more debt so ultimately it sounds like you need an income-producing event to actually improve your situation and avoid some of the consequences that you mentioned

(Some have argued that the actions of the Obama administration were illegal taking.)The main problem with having it controlled by the government is that it has been, and will continue to be used for political purposes, right or left, depending on the administration.I'd rather see it outside government control.

If positive, it's generally treated like income or offsets the liability for that property to $0; this is highly dependent on the circumstances.

You could run into issues down the line without one, depending on your business structure.  

So, it will still be dependent on you to make MANY decisions that bring the project to a successful conclusion.

Anything smaller may not attract larger investors or offer the economies of scale needed for profitability.Design Style: BTR developments often consist of attached townhomes, usually with features like garages and a more upscale design to appeal to renters looking for something between an apartment and a single-family home.Location Factors: The success of your development depends heavily on location.