Be prepared to pay points and high rates compared to a HELOC. 4.

The truth is, if you want to invest today in this area you need to be prepared to run your numbers differently to justify the investmentWhat worked 10 years ago doesn't work today.

All of these items factor into revenue.Just food for thought :)

Also we aren't sure if we are prepared to turn the whole house into a rental yet.

You also should prepare yourself (financially and otherwise) for this tenant to holdover at the end of the term.

A 4 bedroom unit would be in the $100K range.This means I'm looking for older homes in the older parts of the city.The buildings may be more rundown and need some extra maintenance but it makes it easier for me to get cashflow out of them.Your approach should always be to find deals, offer 15-20% under asking price, be prepared to negotiate, and lean on your team of experts for the heavy lifting. 

Not just friendly but one who prepares them to run your processes with clear expectations and benchmarks for success.

If it's not housing, food, or transportation, don't spend a dime on it.

I have friends hitting good metrics doing it just be prepared to do a lot of hand holding. 

The primary reason I am looking into this option now, is to prepare for future scaling as well as prevent items from falling through the cracks.