And, just as important, make sure to understand the implications of your choice to depreciate it in the year of purchase: your inability to take mileage deduction in the future, your taxable gain when you sell or trade it in, and other factors.

Often hard to get banks to lend on them, more tenant problems, property damage, higher turnover, difficult to get contractors and trades to provide service, property management agencies often won't take on D class neighborhoods.

PROS+ Potential for much higher gross and net revenue + Removes the large swings in vacancy commonly associated with SFRs.

I've always found that looking for distressed properties is a good thing...it lessens the competition, and increase the profit, all in one....Since your Dad is in the trades you have a built in head-start.

Be ready for guideline changes, LTV changes, FICO changes, and pricing to swing wildly.The secondary market for these DSCR loans is drying up, and the cost of holding these loans on the lender warehouse lines is super expensive. 

Even if you never use those skills in the future getting your hands dirty, you will have the knowledge to know how to do things, how much things costs, how to tell BS from the truth, where people can cut corners (either you or the trades) that can save you money or make them money. 

Also the Resch Center next door just greatly expanded for concerts, trade shows and other events. 

I have been in the trade show and events industry for the past 8 years, thus any piece of advice to begin my journey is absolutely welcome!

@Frank ChinThat article is a little misleading.In a nutshell, if your rentals don't rise to the level of a trade or business you don't have to file 1099s. 

I went into it knowing there was sweat equity and i was ready to exploit it.The thing about Real Estate is most people aren't hitting home runs by waiting for the perfect pitch and then swinging for the fences...they are hitting home runs by taking what the pitcher gives them and then consistently hitting singles/doubles and then occasionally they hit one out of the park (as is this example)***Anyways,We noticed this was a very large 2 bedroom home in a nice location.