It’s a good idea to speak directly with an insurance agent who understands multi-unit properties to customize coverage for your specific situation.

Ideally it should still cash flow solidly but may not appreciate quite as rapidly as the bigger market.

While you might find a lender offering low down payment options, you'll still need cash reserves for repairs, maintenance, emergency fund (ideally 3-6 months of expenses), etc.

Starting local offers hands-on experience and control, ideal for learning the ropes, while out-of-state investments can provide better returns but require a reliable property manager.

You’ve given me a lot to think about, especially regarding refining my ideal PML strategy.

I definitely need to do more analysis in terms of comparing against other rentas in the area and ideal beds and heads count. 

., desks and Wi-Fi for professionals, cribs and baby gates for families).Evaluate Your Own SpaceYour property’s layout, amenities, and location may naturally cater to a specific audience.A cozy 1-bedroom apartment downtown might be ideal for professionals or couples.A 3-bedroom house with a yard might appeal more to families.Proximity to nightlife might cater to party groups.Experiment and AdjustIf you're unsure, start broad and monitor who books your property.

Ideally you would put only one persons name on the mortgage unless you absolutely had to have both to qualify.  

There's a few different ways to focus on a lower rate such as with house hacking and making the investment your primary residence, requesting a significant closing credit from the sellers for standard rate buy-downs (which I've had great success with recently), or utilizing lenders who offer short term rate lowering solutions such as 2-1 rate buy downs (again, ideally paid for by the sellers).

Ideally they will have a pool of investors looking for a turn-key property.