Yes, you could easily buy a fourplex in Colorado in 2012 with 3.5% down using an FHA loan.

@Fabio Cattolico"if I could get an out of state property for a great price and the numbers seem promising, wouldn't it be good to start off like that if I'm in a place where buying is unaffordable?"

I buy in the 220-260k range.

I have been doing these type of loans for 30 plus years and buying foreclosures since the late 70s.. seen it time and again  ..

Quote from @Cameron Marmon: Hello everyone,In July 2024, I created a partnership LLC with my girlfriend to buy a rental property.

You need to be careful about where you're buying and what your expectations are.

If you learn how to use Hard Money loans properly and how to find good deals in need of rehab, there are plenty of areas of the country where you could buy 3-4 rent properties in solid middle class areas with good cashflow.

@David LewisRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Find me something that's even a 7% cap rate and I'll buy it tomorrow!

I feel as though your buy box puts you in a position for more flexibility.