Over the last year, I've developed a passion for real estate and want to be able to use it to generate income and secure financial freedom in the long run.

Purchase price: $1,200,000 This is a 100+ pad community located near Downtown Bloomington (Near Indiana University).

If you stay in Northern Minnesota you could look to locate closer to Duluth which has a large supply of duplexes at prices much below $500K.

Some lenders offer creative solutions, like a cross-collateralized loan, where they use your existing equity as security without refinancing the duplex.Another idea is partnering with private lenders or exploring a second-position mortgage, depending on your lender's terms.

Purchase price: $450,000 Cash invested: $450,000 Centrally located near Shopping, Entertainment, Transportation and much more.

You can read the full story in our self storage post for that location.  

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Quote from @Kornelius Friske: We have a STR located in peoria AZ. it's 6 beds (garage conversion) and about 3900 sq ft in total. our energy bill last month was $450 and has been hovering in the $350-$450 range since we went live in august.

It was the worst house in the best location. 5 acres just above a lake outside of a desired town.

Locate sewer, old septic tanks,  and water lines.  4.