Or, what if the new interest rate is even higher and you are stuck at 6.5%? 

As the investor gains experience, they are not only able to more successfully foresee the “bumps” along the way, able to handle recessions, temporary negative cash flow, unforeseen capital expenditures without panicking, but will also recognize the opportunities necessary to turn a loss into a break even.

Yes, I am a property manager but even I use a 3rd party PM for my properties that are out of state.

I personally would stay away from condo-tels as they will be even worse and you'll have less opportunity to cash flow. 

Keep in mind - even with the PM you still have to pay the maintenance on top of their fee - and like I said - often it is over-priced.

I’ve been coaching new investors for a while, and I always enjoy hearing about what brings people to real estate.

Many people invest in real estate using an SDIRA or even better a Checkbook IRA.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

But SFH are already seeing renewals at 2%-4% and release rates up at least 5% YoY...that number is even higher on some luxury ($3k+/m rent) homes as those are harder to find.The rest is entirely speculative.

This would help you get going.You might be able to make these a  little nicer and force appreciation and a little higher rent.Either way rents will go up over time and the mortgage with remain constant.Maybe even make one unit a STR which could see higher income.I'd be ok with break even or a little bit negative on a Quad given you have 4 properties in one.If you're only breaking even you still have depreciation and other tax write off to help you out.I usually make people 3 offers.