@Eli DonosoTo purchase your first investment property, set clear goals, choose the property type, and prepare for financial requirements.

What made you interested in investing in this type of deal?

Ideally, the property would also have strong appreciation potential.Since I'm new to the area, I'd greatly appreciate any guidance from experienced BiggerPockets members familiar with the Orlando market.

Broadly speaking, there are two types; offsite (like SFR, small apartments, etc) and onsite (large apartments with leasing offices on the property).For offsite, I usually see 8-10% of collected rents, half or all of late fees and 1/2 to all of the first month's rent. 

I have not created an LLC yet, but it appears there are different types.

What made you interested in investing in this type of deal?

I have no idea how much equity they have on the property.So say the property is listed at $500K, can you get a DSCR loan for say the 70% first position, and have the seller finance the 30% down payment in second position, all while they're trying to 1031 that property into another another one.Assuming it *is* possible, what would the benefits be for the seller, tax-wise or what would be the ideal strategy here for both buyer and seller?

I’m ideally looking for a small multifamily property in the Tampa/St.

Ben made some good points as well that these types of properties typical deal with higher maintenance rates and property management can be an issue.

Is anyone familiar with this type of rental property or have any insight of the senior housing market?