In my opinion its best to have an influx of sfhs and multi's.Yes in the midwest rust belt states you can find these homes dirt cheap and some are money pits but on the other hand some are cash cows and u ge them at great prices but what im also finding is that if you're wholesaling them some are hard to get rid of.I say you really have to have a good team either way it go though.Never buy sight unseen thats for sure,I have a friend of mines that has a 6 unit that he paid 1k for in Dayton Ohio right now and unloading it for 6k so these deals are readily available,also take in mind these are alot of areas where arson in pretty rampant.But theres risks in every deal u make,no deal will be foul proof.Dont get scared of talk to other investors,Theres some investors making boat loads of money off of these same properties in the hood where the suit and tie guys wont even get down and look at.For the same price you get these sfhs at you can get multis at the same price period.

I would not invest in the rust belt for any reason.

(My first time as a landlord... or homeowner)I've had it for two years now, and am now looking to buy another small multi.When I contacted my bank, I was told that it was a good thing that I had two years of landlord experience under my belt, because that it's what they require to count the rental income.When I bought my unit, I made sure that I would be able to cover the entire mortgage, even with 100% vacancy.  

It sounds like you have some great experience already under your belt.

Once you get some experience under your belt, you can go to your family or others w/ confidence (to borrow).

Can you folks give me a couple of "tools" to put in my "tool belt" I want a Step #1 and Step #2 and Step #3 for the long term Thanks in advance 

in REI if you have all that experience under your belt already!

I think you would be further ahead by using money from anywhere else you can, and have the IRA be part of your reserves- the bank want to see that you have 6 months PITI on any and all loans you have, they will count the money in the IRA (less the tax and penalty) but at least you don't have to use it.We have tightened our belts and are putting everything possible toward another purchase.  

The investment into education and knowledge in general is priceless and generally less expensive then your first potential mistake without having it to begin with.Second step in the knowledge process is, after the foundation knowledge is set and you understand the acronyms in the industry, street talk, construction lingo, valuations, exit strategies...then you can add to your tool-belt some items that may facilitate a further analysis like spreadsheets, apps, etc.Real Estate Investing is a TEAM Sport, and to try to understand everything on your own to the point that you feel comfortable to then act is an unreasonable expectation.Surround yourself with a strong Team, an experienced Mentor local to you, have that foundation education completed, put that tool-belt together and then act on a sound opportunity.NOTE: Wholesaling gives you an opportunity to practice what you learn, gives you an opportunity to vet your Team and affords you the opportunity to valuate the property without risk to start with.

I do plan on doing some exploring once its nicer out, I have a lot on my belt.