The problem is now your fourplex is competing against all this new construction with pools, gyms, and amazing amenities that you can't compete with.

How are you all taking that first pool of opportunities and whittling it down to a manageable list to investigate further?

Crowdfunding can be a great way to leverage the above strategies’ benefits while reaching a larger and broader pool of capital.Google AdwordsPay-per-click (PPC) advertising campaigns using Google Adwords can be great.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

For example, if you buy in a semi-rural area or suburban area the pool of applicants can be much smaller and with an increase in supply it creates a downward pressure on prices and higher days on market averages.

Also, when you go to sell, your buyer pool will be running into similar scenarios with lending. 

I would caution against a playroom as just like a pool or outdoor playground that brings a higher risk liability with it. 

I do not recommend backyard especially if you have a pool or hot tub and certainly nothing interior!

However, ownership distribution must be clearly outlined based on each party’s financial contribution, and income and expenses must be divided accordingly.You might look into forming an LLC or limited partnership to pool funds, which can streamline asset management.

You need your project to be ready to rent by mid to late Summer; otherwise, you can cost yourself by either a bad renter pool or several months of vacancy.The Twin Cities are too big to properly answer your question.