In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.

This is how I see it:Single-Family Homes:Pros:Larger pool of potential tenants (families).Simpler management (one tenant, one lease).Often easier to finance.May appreciate faster in some markets.Cons:Only one income stream.Vacancy hits harder financially.Duplexes:Pros:Two potential income streams.Live in one unit and rent the other (house hacking!)

Managing units is work.  

I wanted something I could fix and flip for the quick capital as well as the experience of managing a project, finding contractors, etc How did you find this deal and how did you negotiate it?

My partner and I have a couple units we manage as well in Washington DC.

Why hasn't your property manager already answered this question?

Our manager’s credit score requirement is 550, but even that has been hard to satisfy.

Daniel,If its something you really like from all accounts, get with an inspector and property manager to give their thoughts on the area, condition of the property etc...

I am a real estate broker and property manager based in Clarksville, TN and I specialize in working with investors.

The same is true with property management.