Why did you choose to sell the property vs keeping it as a buy and hold investment?

Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health) and choose the one that is most “stable” with the best potential for long term tenancy.This advice is contrary to maximization of rental income, but IMO will reduce expenses of tenant turnover, property damage, property management fees so much that the difference in bottom line income will be quite small.  

And then, depending on how much risk you’ve taken in choosing the investments, you can expect the possibility of losses. 

Regardless of the particular "wow" shot you choose, professional photography is a must.

Most small landlords will choose $1,000,000 in liability coverage, but in my experience, you can ask them to increase this. 

I left them recently like many others have in the last 5 months and even though our money was technically an investment and a limited partner contribution, they refused to give anyone their money back even after stating numerous times they would give people their money back if they choose to leave. 

If you are investing from out-of-state you want to make sure whoever you are going to choose to work with is being honest and transparent not just about the Flint marketplace but about the strengths and weaknesses they face as a company, day in / day out.

You are welcome to obtain these funds as a 2nd elsewhere if you choose.

I've read BiggerPockets' Real Estate Investing book and am particularly interested in the house hacking strategy, as I'd like to move out of my current living situation.Our main dilemma is choosing between a single-family home (renting out one room to a close friend) or a multifamily property like a duplex or triplex.

But then you have the benefits of using it yourself, plus you'll build equity if you choose the right property.