The small multi family space (4-20 units) seems to be less crowded, but those deals can be hard to manage unless they’re within a couple of hours from where you live so you could manage or turn it yourself if you had to. 

I've had a couple of elderly vets who considered allowing the buyers to assume the loan, but this is rare.

I acquired a 3-flat in Humboldt a couple months ago who had two units not paying (ouch).

I also have learned Memphis can be quite spotty (a dangerous block can be just a couple blocks from a good renting location so you really need a boots on the ground agent/team that you can trust). 

.- You close on December 10th- The property is in great shape and does not need any significant repairs- It only needs some paint touch-up and changing a couple of broken fixtures, which you do yourself- You spend the next week buying furniture, electronics and supplies and installing/arranging everything yourself- You also roll up your sleeves and scrub the toilets and sinks and appliances- You put it on AirBnB/VRBO and have your first guest renting it for the 3 days of Christmas- You second guest rents it for the following weekend and leaves before NYE- You personally clean and restock the place between these two guestsCongrats!

It also becomes more difficult to separate out construction related liability when there's one partner who is responsible for the construction management. 

Its the less aggressive model but it was programed into me from a young age, keep your business risk separate from the things that you need to live (home, car, food, etc.). 

But I would add a couple of things. 

I have a separate account for my real estate properties and keep a base amount there.

I did that a couple times in my 35 years with RE.