But to buy land just to add more units, for me is a pass.

Investment Info:Small multi-family (2-4 units) other investment.

Hey, that’s a great price point, especially for a 2-bed, 1-bath unit!

I misspell myself, :-) but the statutes to concern yourself with are12 United States Code USC Section 1715Z-19and theConsumer Protection ACTand a couple of others if you are interested.  

we have a development in this area that should be completed in the next 6 months, 2 units. 

Quote from @Somesh Mukherjee: Hi all, I am looking to diversify & add a small apartment (3-4 units) to my portfolio.

This works best when the seller is motivated and open to flexible terms.4.BRRRR Strategy (Buy, Rehab, Rent, Refinance, Repeat)– If you find the right undervalued property, you can finance the rehab with short-term funding and then refinance into a long-term loan, pulling most or all of your money back out.5.House Hacking– If you’re open to living in your investment, you can use an FHA loan (as low as 3.5% down)to buy a multi-unit, live in one unit, and rent out the others.

As a side note, those students just closed on 300 units and are in contract negotiations for another 300+ unit deal as we speak. 

I don't rent furnished and others may be able to point out where this is flawed, but I would consider renting the furniture SEPARATE of the unit because that may allow you to collect a deposit on the furniture.

My plan is to live in one of the units while renting out the others.