We do want to settle in a little bit here while continuing to do our homework, but hope to get into something in the next 6-12 months.With the way interest rates are looking now and what little I see on public listings, I think a smaller multi-family that needs a little rehab would be the best bet. 

Great that you have experience rehabbing. 

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

These markets offer affordable homes, many of which are turnkey (new builds or fully rehabbed), with properties that have 10+ years of life left and are ready for tenants.

Helping others navigate this unique and impactful business model has been a rewarding part of my journey.Now, I’m looking to scale by incorporating the BRRRR strategy—acquiring undervalued properties, rehabbing them to meet care home standards, and refinancing to reinvest.

What you describe sounds a little like a BRRRR (Buy Rehab Rent Refinance Repeat). 

Smaller or Partial Deals – You could fund lower-priced flips or offer gap funding (covering down payments, rehab costs) alongside a hard money loan. 4.

After rehabbing, we expect these homes to rent out for about $1,300 per month.Neighborhoods in west Birmingham—like Forestville, Adamsville, and Pleasant Grove—could also fit your criteria.

Since you know what you need to buy it at and an average rehab cost, I would say $50-70k for a cosmetic flip, set the ARV based on the sample you choose and doing comps and ask them if they would invest in a deal similar to this. 

I don’t know how or where you have a phone number or email address for help but we have had 3 people searching with no results.