Investing in  2-4 unit properties within the Dallas-Fort Worth metroplex would be ideal but I am also interested in other potential deals, that fall within the 2-4 unit range.

You could look for properties that are already getting solid rents in one of the units. 

Single family, 2-4 unit? 

My first purchase was back in 2021 with a small little 8-unit Boutique Hotel in Florida.

I don't think 5+ units gets you to where you want to go. 

The offering would be at 490 units at $1000 unit

In the event that he moves out in a few years, I would turn the unit into a rental.Questions:1) Since I will be renting to a family member, do I still need to create an LLC?   

To grow a portfolio (ie #'s of units) requires a lot of capital.

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

We profit about $1200 a month from both units.