Make sure on the second home to.1 - Good neighborhood. 2- Three bedrooms, Two bathrooms  or larger. 3- Possible chance to ad on a extra room,,@ where patio is, or back of house?

I'm local and definitely can see how that is a tough choice with the location.If it was by the numbers I'd say spend the money to make it worth as much as possible and try to sell, then use the profits to fund what you want to do next.

If you have larger goals of scaling and buying a lot of properties, then you should outsource to a PM.

Primary reason is that it's not economical to building in today's market compared to a larger industrial building with only 1-2 tenants to manage instead of 30 smaller ones.

Check out the map and see what other properties are being listed for.Personally, I think a larger home with 5 beds, is set up perfectly for a rent by the room strategy.If you do want to look at an STR option, check out AirDNA.com.  

They can provide steady rental income and tend to be easier to manage than larger complexes.Management: Since real estate investing can require hands-on management, think about whether you want to manage the property yourself or hire a property management company.

Given your situation, setting up an LLC is a solid choice for liability protection and managing your real estate activities.

It’s awesome that you’re diving into the world of multi-family investing, and starting with The Multifamily Millionaire is a solid choice.

We have found that capex is much larger than anyone is saying it is especially in second or third tier markets.

I am based in NJ but I feel nothing will cash flow or be too sustainable unless I put in a higher downpayment.I am looking to do only long term rentals and keep it with Multi-family units in the beginning and then advance to appreciation type properties in developing areas.I was thinking if I should save up more money for a larger down payment or possibly look at a different area to invest since I am NJ and the high property taxes make this hard unless more capital is put down.