You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame.

Also your permitting process, type or land, grade of land, if underpinning is required will all play a factor into your cost. 

As others have mentioned, having a good ballpark estimate of rehab costs before closing is also smart, and likely required if using a hard money lender. 

The biggest thing with 5+ units is everything is more expensive, and the inspection requirements (depending on the municipality) are often more rigorous.

Newer septic rules also require enough land for two septic tanks per each one you are required to install.

As of October 2024, 75% of remote work employees now have some sort of in-person work requirement, up from 63% in 2023 (Source).

In short, I can afford the additional $1100/mo cost of a second house, even until I rent it out.I have around $35K in HYSA and emergency funds that I could use for a down payment, but that's less than 20% which would be required for a conventional loan, assuming full purchase price.

If the property does not require an extensive rehab and just needs cosmetic repairs then a standard landlord dwelling policy in most cases depending on the carrier.

My focus is on providing either turnkey-style space for those interested in temporary, infrequent use or long-term leasing for business folks who require conference room space (or perhaps event space).  

@Joshua Tucker Building real estate on tribal land offers unique tax benefits, but it requires careful planning and collaboration with tribal authorities.