I'm an active duty military member and our family has been moving around the country for the past 20 years so we're excited to begin buying some places we can hold onto.

We spend far too little time looking for small multi-family deals in this area for the reasons you listed although we would look closely at an off-market (perhaps owner financed deal).

A cash-out refi could allow you to set aside some funds as a reserve or at least pay down your debts so that your lines of credit (credit cards etc) can act as your emergency reserve when more bad things happen. 

Real estate investmnets are capital intensive and if you don't have extra money sitting around to make the emergency repair when it happens you'll find yourself in a terrible position. 

So, go with a good solution on the deadbolt.Screw a lockbox in a wall near the door for an emergency physical key.Find a locksmith that can rekey the doors between tenants - put ALL locks on the same key.Most electronic locks warn you when the battery is getting low.

It's a Single Family property, that some genius divided into 3 units. 3 small units. 

Each one of those things can make or break an approval and the end goal of cash flow.Feel free to reach out I enjoy helping and those states are where I focus as well as my friends, family and my customers/investors.

In major cities I can get someone out for emergency service typically same day, even if I have to pay overtime for after hours work.

I've primarily worked with single-family residential properties in Albuquerque.

Hey BiggerPockets community,I’m in the process of defining my investment strategy, and I’d love to hear from those with more experience.I have enough capital to pursue one of these two paths:1️⃣ Build a Single-Family Home Portfolio: Gradually acquire around 20 SFHs using the BRRRR strategy or focusing on positive cash flow properties.