Be clear about the fee and what you provide for the fee, and you'll be fine.Best of luck!

Again, thanks for taking the time to provide some usable input.AJ

The short list of pros and cons would be that you'll make more from STR, but it will also require more work.MTR will be less work than STR, and potentially get you higher returns than LTR, but won't provide the stability of a long term lease. 

@Jimmy Jefferson Be sure to check with your insurance company to make sure they will still provide you coverage if you rent the garage to someone other than your tenants.

I told him I would pay him in full if he provide a lien waiver,I am wondering if we do not get a lien waiver, what are the options I have to get it, do I need to hire lawyer?

I’m looking to buy some single or multi family units for long term rentals that would provide at least a moderate degree of cash flow.  

Hopefully, this provides perspective.Keep in mindThe Fed started hiking rates in March 2022, and only stopped tightening in July 2023, having lifted short-term interest rates by 525 basis points or 5.25%.Average 30-yr mortgage rates started moving aggressively upward a bit earlier (in January 2022) and only peaked (at just over 8%) in October 2023.

You need Landlord insurance.Explain to the insurance provider how you intend to use the property.

I’d even take advice on people who have experience and can provide information based on their mistake buying multi family apartments. 

We cater to all experience levels with multiple educational opportunities each week and provide access to regular off-market deals.