.: I'd be tempted into doing an STR (maybe with a higher down payment to ensure cashflow, just run ROI numbers) or an apartment complex - I personally wouldn't mess w/ small stuff.

Some people love that as the initial numbers look good, but probably over the long term they get tired of the common issues landlords face.It's not that hard typically to find a move in ready property, or even to find one that needs minor repairs, where you can capture the equity yourself vs the person selling it to you. 

You’re going to deduct the rental mortgage interest against your rental income and your personal mortgage interest (if allowed and more than standard deduction) against your regular income.

How often do you use it personally or let friends/relatives stay? 

I think if you leverage 70% of it you’re going to seriously cut into your cash flow and personally if I was going to have $7M in debt I’d prefer it to be spread over several projects built slowly.

I personally put them on a schedule, long term, because I do not have the time to do the work myself and contracting it out all in one shot comes with a large bill.  

i've managed both OOS and in-person and both can be a pain but OOS is just harder for most new investors, period.

I personally think it really depends on how much value will it add to the property and if the town will allow it. 

Look into DSCR loans, which use rental income for qualification, allowing you to scale without relying on personal income.

And now that it’s posted, all I’ve gotten is 1 hit and that person was a no show.