Think of the time spent not as wasted, but as a learning opportunity for how you can tackle similar situations in the future differently.

Fun, easy, and always a bigger challenge to tackle.3.

I quit my job last year and finishing getting organized with the vacation rental side of my business and by November will be ready to tackle this new phase in my real estate career full steam ahead and grow my business.This is my current situation, 4 rentals, plus my own home:Home 1 - Vacation Rental - worth about $160K - Owe 42K (conventional 4.25)Home 2 - Vacation Rental - worth about $185K - Owe  $50K (conventional 4.25)Home 3 - Long Term Rental - worth about $165K - House free and clearHome 4 - Long Term Rental - worth about $95K - House paid off but have lien from SBA Owe $30KHome 5 - Primary Home - worth about $200K - Owe $120K  (FHA, 3.75 BUT also pay PMI so in reality it's 4. something)All my houses are doing really well, I tried to get rid of the cheapest one to finance buying a more high-end home but no bites so just kept it as a rental which is fine by me.My goal is to acquire more properties in my area (suburbs north of Detroit or something close to downtown Detroit) or in South Florida (used to live there and have family there), my options would be:- Property to flip (have a friend contractor that has done work for flippers so I would partner with him)- Long term rental- Vacation rentalMy first hurdle would be financing, I was trying to hold on to my high stress job until I acquired at least 1-2 more properties but it was my health or 1-2 more properties so I chose my health.

Make them tackle hard questions and see how they respond.

@Cristina S. lots of different opinions on this subject so I will try to tackle a few that go in line with the practical differences between the two. 

I have been lurking a long time here and have tackled about half the podcasts.My game plan is to get into a small multi-family (2-4 units) with a FHA/203k loan.My problem is I dont believe I will be qualified for the mortgage.

We would appreciate any advice from anyone who has tackled a similar project.

Liability is not something you want to mess with and being appropriately protected only makes good business sense.How you do this is another question I’ll let someone else tackle, but please buy your property under an LLC.

I am currently managing a full-service contracting organization that is completing the work on my current properties and we are always looking for more projects to tackle. 

I think if you're starting out, and do this well before you tackle seasoned sellers/buyers, call around to other properties for sale as an interested buyer.