Quote from @Tenzapa Wakombe: @jaycee Greene I am in Kentucky now, I used to live in MemphisI am so sorry, I got the terminology wrong silly me!

They're investing tons of money into those areas, and attracting a lot of good renters who work in the medical profession and will pay good rents to live close to their jobs. 

I recently came across 1 acre asking for 314k in a very good residential and growing location, so the current owner has added 4 manufactured homes with 4 electrical meters, 4 septic tanks and only 1 water meter for all 4 homes, the homes are sitting on partial slab and partial pier & beam, he also added 2 storage sheds approx. 380sqft with the intention to make them ADUs they are still only the shell so I would have to get those ready to live in, so currently the 4 manufactured homes are being rented and bringing in 2800k a month, 3 of the homes are needing some TLC which could increment rents and possibly get me at 3600k a month, also being a 1ac lot this still leaves about 12,000sqft of raw land where you could build etc.So that is on the good side now the things I did not like so much, the lay out is poorly executed to where it makes it looked crammed up and not professional but it could be fixed.Another is that in reality there is only 4 livable units so that qualifies under a conventional loan but since they're are 6 units on the property the banks are wanting to take it as a commercial so we would have to move out the 2 storage sheds out in order to close as conventional.Another concern, technically you are only allowed to have one manufactured house or single wide in your property according to what I know but I know it could change according to zoning which I will investigate, so my question is has all this been accounted for and if so how can I verify it so it wont leave me in a bind further down the road, I currently asked my agent for the appraisal of the property to see if that might verify.Any recommendations?

I am currently in the market to purchase a tri-plex with the plan to live in one unit, make upgrades, and rent the other two out.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Hi @Rachelle BertumenI live and work in the Truckee/Lake Tahoe area and personally own two long-term multifamily units in Reno.

I think I'll start out where I live and probably branch out outnof state once I build my knowledge and experience. 

When you sign almost all mortgage closing packages, you are signing an Occupancy Clause that states you are intending to live in the home for 12 months.  

Politely and clearly, make it extra clear that all information will be verified including income prior to the signing of any lease.  

Eventually, I realized that if I kept waiting until tax time to organize my books, I would never escape the stress (and extra CPA fees).