A lot of mistakes can be made if you do not talk to the right people and use preventive maintenance to avoid problems.Multifamily rentals are a great way to use the more doors more cash flow method.

In a “nutshell”What can work - partnerships where each person brings a different necessary asset (knowledge, experience, time, capital, credit) to the table, the responsibilities, rewards, and expectations are clearly spelled out, legal documents are created to head off disagreements, and the parties are compatible.What doesn’t work - partnerships formed by two or more inexperienced people looking for “comfort” rather than going it alone, and anything other than the above. 

What other items am I missing?

I’m inheriting a tenant who has lived at the property for 24 years and never missed a payment.  

Some people don't mind this.

People wanting 3 bedrooms usually have kids and I don't think that you're going too find many families that will want to live with another unknown family.The bathroom situation is going to be a problem.

Areas I think would do well are those where people are moving back to or highly desired - Arcadia, Scottsdale, Tempe, Gilbert, parts of PHX, and Chandler / Mesa. 

In the past people had "laundry rooms" and it was a revenue source, am I looking at this the same way? 

I would envision the market would be people wanting to come to Austin for a month so potentially traveling nurses, corporate housing, or people working remote in Austin for a month. 

@Braeden Warg Distance targets different types of people.