Starting with a small multifamily property is a fantastic idea—it gives you a chance to live in one unit while renting out the others, which can help offset your mortgage and build equity faster.

Ask for its breed, weight, and name, and have them attach a picture.- Make the application part of the lease, with the stipulation that if they've lied in the application or in the lease, they can be evicted.- Tell them they have to provide documentation of the animals service / emotional support (as allowed by your local ordinances), and that they have to provide documentation that the animal is current with its inoculations, etc. as well as its local license before you'll permit the animal in the unit.- Tell them they'll have to provide you with a copy of their renter's insurance naming you as additional named insured, with a minimum of (I use $300,000) liability insurance, also before they move into the unit.It's not perfect, but it's a start toward a tenant transparency.

For instance, in my private lending, I dont really give a numerical credit score much weight, but I absolutely look at the composition and history of the individual tradelines on a report if the borrower is a smaller outfit, such as a single member LLC or similar solopreneur-type operator.

Some items might hold more weight than others, but you guys should sort through that together.You also might just do the partnership deal by deal - sometimes jumping into a partnership before you have officially worked together is NOT the best idea...

If you reduce to $2,300 and are able to fill the property faster, yes, you are "losing" $100 per month, but even at that rate, it would take two whole years to equal the loss of the $2,400 vacancy month.

The rent from the other units will allow your to purchase a more expensive property than you could on your own, which could help you build the value of your portfolio (and equity) faster. 

You need an income that meets three requirements:Rents increase faster than inflation to offset constantly rising prices.It must be reliable; it continues even during economic downturns.It must last throughout your lifetime.These are all long-term requirements, so the current interest rates are not the major issue.

Besides the stress, the other main factor that I want to point out is- time and use of money.Wholesaling would have been much faster and that money could be used for the next deal faster.

If you said, "car", you're right.In most states a car can be repossessed faster than a tenant can be evicted - and the tenants know this!

Again, DM us if you'd like a more focused & faster/efficient chat:)