Would you mind sharing the cost?

But effective?  

As a NY'er what was important to me was 1. cost of market entry 2. price to rent ratio 3. 

I can be patient, but I like to take action quickly.If I were to save for a decade (reserves + downpayment + closing costs), would I have been better off acquiring out of state properties or essentially being a bit of a slum lord to scale my portfolio faster to build equity?

This approach allows you to reduce living costs while recycling capital for future investments.Good luck!

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Highly recommend self-managing so you can take advantage of a cost segregation and the short term rental loop hole!

My experience with the smaller multi-family units has been that more occupants = more wear and tear on your property so the turnover costs are often higher than SFH.

These are people whose full time job is to effectively manage the assets on behalf of the investors. 

The hilly terrain is a main reason for this and you can't really see that on a map so knowing the areas is key.We have old housing stock as well so big things like plumbing and electrical can vary cost wise if they have or haven't been updated.