I'm closing on my first single-family home in the Memphis area, which I plan to turn into a long-term rental.

Investment Info:Single-family residence buy & hold investment.

Bit of a long story, but my partner and I are trying to purchase a property from a family friend of mine and we're having trouble locating the last seller.

My husband family have lived in Oahu for several generations now.

Whether this is a single family or duplex/multi-unit will depend on how much cash you have, how much work you want to do, how capable you are, etc.

The paid off student rental plus the 2nd student rental helps pays off the mortage for 2nd student rentals and living expenses for me and my wife. the duplex was  cash flowing approx  $300 month with the old tenants We manage everything ourselves with some help from our family. 

We have several rentals in the Temple market and family members with a decent portfolio in Bryan/College Station.I agree.

I'm a licensed contractor in NYC and I have a good friend who's family owns a property here in Crown Heights Brooklyn that’s basically all paid off and taxes are up to date.

She'll pay me market rate rent, thus keeping that money in the family, and the condo will eventually transition into a more traditional rental property that will support my retirement and that my children will one day inherit. 

My extended family has done very well (10s of millions of dollars in equity growth over the years) with real estate in that area.