Quote from @Michell Chase: I am working with a hard lender on a purchase/reno and they require a builders risk policy even though 1 unit of the 3/4 will have a tenant.  

I have an opportunity on a 12 unit property but being in SoCal and never setting foot in MS I wanted to ask around 

HI Guenevere, You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

I kept them because I could get more rent from a unit with a fireplace.  

We’ve been considering the United States, Europe (Spain, Cyprus, Portugal), or the Caribbean, but we’re not sure how to proceed and would like to avoid any major bureaucratic or administrative difficulties.Do you have any useful advice or specific locations you would recommend?

These include accidents (I recently had 2 units destroyed by fire), natural disasters (I have had two units each hit by 2 hurricanes), property management turn over (they sell or stop being as good, I have experienced both), or turn over of team (I am turning over at handyman and I suspect plumber), or just wear n tear of property (slab leak in poor location, sewer pipes rotted out (one unit this month), roof, foundation issue, etc.).  

If all else fails and we still end up with vacancy during the winter, start to market the unit earlier prior to turnover.

https://www.har.com/content/department/mlsHouston Real Estate Highlights in November, 2024:-Single-family home sales increased 6.0 percent year-over-year;-Days on Market (DOM) for single-family homes went from 48 to 52 days;-Total property sales were up 3.3 percent with 7,750 units sold;-Total dollar volume rose 11.1 percent to $3.1 billion;-The single-family median price was up 1.5 percent to $329,900;-The single-family average price climbed 4.1 percent to $418,903; -Single-family home months of inventory registered a 4.4-months supply, up from 3.5 months last November.

Fixed income...would container village actually be a cheaper proposition vs lets say a senior living 3-4 story apartment building for the same number of units? 

Because it equals the total value of the units @ $268,750/unit so something doesn't make sense.