Both SFRs and Multi's can be great rentals.  5) Manage this second one yourself to see first hand the complexity, but then plan on hiring a property manager for #3 and #4 after you get tired of whiny tenants. 

Also if you're into multifamily, then read "multifamily millions" by David Lindahl and book about apartment complexes by Steven Berges.Best of luck!

Seller has owned the complex for what appears to be decades.

Eventually, I want to get into apartment complexes and I thought I should start building on that reputation with my first unit.

At the apartment complex where I worked, we charged a $300 pet fee (non-refundable) and $25/mo. pet rent.

Ever notice how many apartment complexes there are right along freeways and loud, ugly interstates?

Retail investments, ALFs, small apartment complexes, and planned communities are all on the horizon, but my focus will be on organizing tools to help real estate investors raise, organize, and optimize their capital formation process.  

etcWith that said - no one can give you a straight forward answer without knowing how complex the investment will be and what your expectations are.

The best story I heard was at a condo complex where I bought two condos at auctions for around $40K where it used to go for $110K, thought I did great.

Does anyone have any good recommendation's on a calculator that they use to breakout the numbers on repositioning a multifamily complex.