For most single-state investors, a local LLC is the practical choice. 

There’s huge retal income potential if you nail that balance between improvements that wow tenants and improvements that merely look fancy but don’t justify higher rents.I’d also keep an eye on how your high end plan fits the local demand.

The last one, however, started with many people from two certain neighborhoods, gathered by a local non-profit, who spoke much about affordable housing, being displaced, etc.

I would also join your local Facebook pages for investors. 

And the locals in Highlands have been fiercely debating STR's and regulations for the last few years, so I wouldn't be comfortable buying there.

I’m also an active member of the local landlord association in Joliet (JRLA), which has been a great resource for networking and education.

I recommend local meetups. https://www.biggerpockets.com/forums/521

I'm looking at small multifamiles and won't have an issue with capital thankfully.I am in Arkansas and looking to stay local-ish initially.

There's no fixed max size beyond local zoning rules.

The wait-list becomes a longer wait-list until states and localities allow them.If the trend for 2025 will be more ADUs as stated in On The Market podcast.