The 15-year period of cheap money on which every US real estate investor has surfed is over.

So most investors just throw in the same expense factors no matter the age of the property.

Where people went cheap with online brokers, many of those companies just did not have the resources or expertise is seemed in many instances to handle claims. 

Same goes for other things too, but now I don't mess around with anything regarding water and cheap brands I haven't heard of before.2.

Put simply, an $8mil portfolio throwing off 6% would get you to $480K per year. 

- I would select a market that allows you to purchase a cheap (under $150,000) single-family in a C+ or better market.

Umbrella is super cheap and will do the job.

I was about to throw in the towel (I keep getting outbid, and it's also very expensive) with multi-units.

Modern, nice, and it's NOT cheap. 

Start with your primary, rent out any spare bedrooms "house hack"Use that to practice upgrades, kitchen, bathroom, curb appeal... etcNow you have experience as a landlord and flipper, use that to buy a distressed propertyAdd 40% equity to the property through home makeover, refinance into a low cost mortgageNow you are cashflowing a healthy margin on a second property, use that to build equity over time, cashout later and buy your duplex/quad.If it's going to take you 10 years to save up a down payment for a small apartment building, yeah it makes more sense to start growing your portfolio with cheap SFR flips instead.Every market is different, every borrower is different, every property is different, it would be ill-advised to recommend anything without recognizing the individual's nuanced goals and objectives with their next acquisition.