I purchased a rental unit and did some private funding in 2016, and I will probably expand this business by doing more deals.

My husband and I own a rental unit in a condo building in Jacksonville, FL.

I have one bizz partner I sold a 100 unit apartment to 18 years ago for 5 mil and he paid cash..

Quote from @Tristan Kelly: Investment Info:Small multi-family (2-4 units) buy & hold investment.

I think it is different if you live there, speak the language, know the market.  

But to buy land just to add more units, for me is a pass.

I currently have about $50k in cash and am looking to spend no more than $250k on my first property (less depending on the area, number of units, etc.), inclusive of any renovation costs. 

Converting an unfinished basement into a third unit can definitely add value, especially here in Chicago.

However, driving rents higher will likely take a significant amount of cash to upgrade the units.  

@John Lasheri agree with you, you'd be surprised at how many people listen to Grant Cardone though, and decide that they're going to go buy a 100 unit with 'OPM' as their first deal and quit their job.i think buying something of that size with a few partners is a perfectly good goal.