A single-family home or small multi-unit property can be a great way to dip your toes in the water.Build a Team: Even if you’re planning to handle most things yourself, having a good real estate agent, property manager (if needed), and a reliable handyman can make life so much easier.Learn the Local Laws: Pensacola is pretty investor-friendly, but it’s always good to know local zoning laws and short-term rental regulations if you’re thinking about Airbnb or VRBO.Run the Numbers: Make sure you’re clear on the property’s cash flow potential.

And don’t sleep on local banks or credit unions—they sometimes offer flexible portfolio loans that could work for a deal like this.Since your wife qualifies as a first-time homebuyer, check out any state-specific programs or HUD options for down payment assistance.

If so, self-managing properties might not be the best use of your time - In any case, I'd encourage you to talk to multiple local property management companies, keep the above in mind, and understand how they approach management.In my experience, property management isn’t just about finding the right tenant or collecting rent—especially in a tenant-friendly state like Rhode Island.

Would definitely check local zoning / code enforcement laws as well.  

Granted we only have 17 but still, I’ve never used anything except a simple excel spreadsheet and all my rental properties have a separate savings account under my main account at my local bank.

I’d love to connect with local investors and agents and, further down the line, with contractors when we’re ready to take the next steps.Looking forward to connecting and learning from everyone here!

i like your idea to stay local. 

The issue is the laws should not allow this.https://www.cbs8.com/article/news/local/working-for-you/new-...Adding a single small unit is expensive residential development.  

You need a local/state specific lease.2.

Depending on your state, many have local lenders that will go up to 100% LTV.