I used a hard money loan to purchase this off market deal.I rehabbed the upper two units within two and a half weeks and have a renter already lined up for one unit.

Seasoning for ownership typically starts on the purchase date.

I have owned it for a very long time and had depreciated most of the original purchase price. 

Purchase price: $275,000 Second investment property purchased in 2021.

Self-proclaimed Section 8 guru's online claim to do the latter and then find Property Managers after they purchase the property in whatever state, but I don't know how real that is. 

The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV.  40k projected profit on a 600k project is too skinny for me. 

This will be my first home purchase, and I am aiming to invest in multi-family properties.What should I be aware of when purchasing a multi-family property?

Quote from @Landon Sheveland: Hello,My wife and I, are attempting to purchase our first property.

Right now, I am renting but have a goal of purchasing a duplex, triplex, or quadplex in the coming months.

@Ethan Slater here's some info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?