I went to the Zoning Board to ask for an additional two units and got shot down, getting ready to go back to ask for just 1 extra unit.

Your Only shot is a full short sale...

Worst case you get shot down.

LO and SLO are highly regional  investment schemes.. in some regions it will work in todays market even  in others its a long shot at best.. and what I see is you run into a lot of properties that sellers are just trying to unload on folks and there is marginal to no TRUE equity.. which in my mind is not the way to invest..  

@Keila RosarioThat’s a great idea, thank you, I’ll give that a shot.

His credit is shot from previous mistakes and divorce so he is unable to get a loan and he says since it’s all “gonna be mine anyway” I figured I could help him out by getting the loan for him.

Assessment shot up from $55k to $68k when the city did a full property assessment this year with a team of assessors.   

@Michael Roetzel I would give it a shot and expect them to decline.

I liked it and passed my state exam in one shot with flying colors!

You still have several options, depending on if you want to invest directly in individual properties or be a bit more removed:Full-service turnkey investment: Should be mostly passive after you do your due diligence and pick a provider, but don't skimp on your homeworkYou choose which props to purchase, but have no control over tenanting choices, some say in large maintenance expensesAvg cost for solid B/B+ prop in Birmingham (and some other markets but this is the one I have data for, since it's my market) is about $100k per door; you'll pay market price for a tenant-ready, fully rehabbed propertyPartnering with someone who does the on-the-ground stuff while you provide capitalCan be passive if your partner really knows their stuff, but more likely you'd be fairly involved with the choices madeMore control since you call the shots with your partnerYou can pick which markets and price points you're interested inPotential for higher returns (ie buying distressed and then forcing equity through renovation) if your partner is experienced and can execute consistentlyInvesting in a syndicateMany investors pool funds to invest in much bigger projects like commercial space or large MFRs, or in larger portfoliosVery passive, investors are not responsible for project vetting or management, but you have no controlMay have higher bar for entry, some syndicates require large investments and you'll need to have liquid cash on handBuying shares in a REITLike an ETF but comprised of real estate investmentsVery passive, but no control over which assets are held in the fundHighly liquid, easy to buy and trade, lower bar for entryEverything is a trade-off between passivity and control, time and money.