Covering the mortgage isn’t an issue, but I’m considering factors like: Multi-Family: House hacking would help offset costs right away, but I’d likely need to put money into renovations upfront.Single-Family: Easier move-in with no immediate renovations needed, plus potentially lower tenant turnover once I rent it out For those who have been in a similar situation, what did you choose and why?

For me, if I make $1500 net per month on a free and clear property I would make $18,000 / year.  

If anyone has any questions feel free to ask away.

The best place to start is with a spreadsheet that has every every cost itemized. 

For these, costs tend to double across the board, especially for older buildings.

I've seen estimates that are off by 300% when all said and done (e.g. the original bid was $10k but the final cost was closer to $30k).

Housing prices are high, mortgage rates are high, and competition is fierce so revenue is way downIt’s one thing if you bought a while back like many of us did, so your cost basis is much lower.

.- Expected renovation costs $1MM.

Feel free to message me separately if you'd like. 

There's so much information here on BiggerPockets as well as the podcast and books and other websites, books and blogs too that are either free or very cheap.