I'm a first time investor with a limit of about $165k to invest in a multifamily property.

I would say, unless something drastic happens, most towns with a decent-sized tourism industry should be a bit safer, so long as they are not limited to seasonal tourism.

Now I get it that there is this undercurrent that goes around that its the easiest to get into and takes the least amount of capital.. but I also think the vast majority with limited capital spend it lose it and never do anything.. 

Dora south of Limit and west of 441... if you've looked into the area at all? 

So, my first suggestion is...don't do it.If you decide to proceed, I think you should have an LLC formed going in a limited partnership with your(s) partner(s) LLC.

Any mortgages would be amortized over 20 years.1) if I do the minimum down of 15% they won’t cash flow as good.2) if I put more down it will limit the amount of properties I can buy.I’m wondering what your thoughts are on my focus.

However, some are very time consuming and produce limited results or can be expensive.Now this might not be for you, but there is a far better way to reach this people relentlessly month after month until they are ready to sell.

I would not be open to taking a guarantor unless your rental market has a dearth of qualified applicants. 

That could make some sense but I would still give yourself a time limit before that capital has to get invested.

If submitted for approval, I determine if I want to allow the pets and inform applicant I charge $25 ADDITIONAL for pets.