I bought a primary residence last October that I planned on renting out come this October (next month) and would love some advice from more experienced folks on my next steps, because I came up with a few options. 

Hi Giman,We have seen some significant drops in rates over the last week and a half.

How long ago did you begin renting it out?

So we're looking at building to rent as a long term investment.We've already done all of the financial side, so that's all set and happy and ready to go when we are.However, all we're hearing right now is that all builders are super-busy and taking jobs 1-2 YEARS in advance.

You may be doing a long BRRRR on your original house.

Smartlock can last 6 months2.

The warranties always take a lot of time, and you will either end up filing a warranty to find that it is going to take too long and then purchasing something else the same day, or you will end up giving refunds back to guests while you wait on the warranty to be handled.I learned this the hard way when I first got in to rentals.

There's been significant growth in the last 3-5 years, with booming business and real estate sectors.

I would check with an attorney or CPA on it.EDIT - Check out Scott Royal's site - https://royallegalsolutions.com/what-states-are-permitting-s...He used to be on here quite a bit but I haven't seen him in a long while.

I'm planning on quitting soon, moving back home for a little and taking a few months in between my next job to pursue my first investment.My rough idea for an investing strategy is:  long-term, not necessarily looking for high cashflow (just want to start building equity), quality deals > amt. of doors, Class A/B neighborhoods mainly for low vacancy.