I currently broker LIHTC multi-family for a large firm coast to coast and am also interested in MF in the Arizona submarkets as well, and will eventually invest on that scale - I just figure breaking into the state through SFH flips may be a more risk adverse way to understand the pros and cons to phoenix submarkets.

Hello Justin,  I want to start with multi-family buildings with 5-9 units max.

It is better to have a couple in good areas (not fancy, just good family areas) than a bunch in areas that are rougher. 

Additional features I like are free esigning and document management, online payments, tenant screening, maintenance requests, vendor payments, owner payouts, owner statements, communications at the  property level and with tenants.Portfolio currently consists of:Owned7 family long term 5 family long term 2 Short term SFManaged 2 Short term SFFuture plans for growth are to continue buying LTRs and managing additional STRs. 

Everything comes with a risk but I want to hear everyone's opinions for both states in the long run, thanks in advance It really depends on your style and goals and type of investing.I invest in multiple states and there can be some substantial differences.First decide if you want to do Flips, Long Term Rentals, Short Term Rentals, Shared Housing, Multi Family, Land, Tax Deeds, REITs, Syndication, Commercial and then decide. 

I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?

We really like the city of miami very familiar with zoning and set asides. are you looking for smaller developments like single family homes or construction under 5 million?

@Andy PtakLeasing agent at multi-family properties can be entry level.

This will help guide your decision opposed to investing somewhere for a novel reason.for example for me it was cash flow, price to rent ratio, land lord tenant laws and availability of multi-families(Just to name a few). 

My suggestion if your goal is to free up some equity to use for another purchase - start small with the single family home with a cash out refinance.