I’m mostly interested in multi family homes (using the Brrr method).

See the image below.If you follow the above method, there is not much subjectivity; your target tenant pool tells you what you need to renovate.

@Frank Alfano agency debt is very competitive (75-80 ltv, non-recourse, fixed-rate etc); you can syndicate and raise the equity portion needed from friends and family, provided you can market and lead the project.

Do you build it with the intention of renting it or just for family/friend use?

Research financing options like portfolio loans or working with international-friendly banks.

Ask your wife or female friends if they like two LED lights in the master bath to illuminate their makeup mirror.#6. 

Texas is one of the most landlord-friendly states, but proper asset protection is still essential to avoid legal and financial risks.Do You Need an LLC to Rent a Property in San Antonio?

I have friends that live there that also invest there (and Hong Kong).

Like the enemy method referred by Avery Carl. 

My son wants to move to Sacramento, his friends family lives there.