Quote from @John Lee: Hi all,My name is John and I'm a recent college grad about to start a Masters (SF/San Jose Area home base in California).

Here are some practical steps and strategies to consider:## Single Family and Small Multifamily HomesWhen looking at single-family and small multifamily homes in northern Illinois and southern Wisconsin, make sure to analyze the local market trends, rental yields, and property appreciation rates.

definitely need to have lawyer look at it.Risks/additional hurdles- On the practical side, the absence of deeded rights makes tenancy in common ownership considerably more risky than condominium ownership, even where the TIC owners have separate financing.

Just incredible bad business practices.

However, I don't know from a practical point of view if it's doable 2) Condo vs townhouse vs cashflow: I noticed condos  and townhouses are way cheaper in fort myers FL ( however risk of hurricanes) and maybe more opportunity for cash flow.

Some of your requests may fall outside this manager’s standard practices, and customizing services for each client isn’t practical for most PMs.

I'm working on my first rental and trying to understand the best practices for how to use the template leases I can find.

Drawing from my experience delivering over 550 investment properties, I can say with certainty that self-management isn't practical for most investors.

Each room will have a separate lease on it with a separate deposit following normal property management practices, and like you said, the leases have different start dates. 

For example college rentals generate some of the highest ROI of properties I come across in New Jersey but it depends on the school and location of property.