My first purchase was back in 2021 with a small little 8-unit Boutique Hotel in Florida.

I agree with Collin.The Smokies do have a lot of competition, so you need to have a view, decent location, good to great amenities etc to stand out.We have a 6-bedroom cabin there, but I imagine a 3 to 4 bedroom would be in the sweet spot of not too big or not too small.

In terms of small multifamily inventory, newer, with garages, symmetrical, good curb appeal, etc., are all ideal in my opinion. 

Or like many small in businesses you raise cash from friends family and anyone else that knows loves and trusts you.The other thing I suggest is to make that $27,000 or $37000, or $50000 yourself over the next year. 

I think the key in that case was that the property was the last one needed in a large development of a group of blighted small MF buildings that were to be torn down and redeveloped.

great alternative to small time investors with limited capital.. doing 20 though would be quite a bit of work.. selling coaching has basically zero liability when you start to manage investor capital your liablity goes up a ton in the unlikely event of a water landing..

It is my opinion it is a small percent that do not act with integrity.Do thorough and conservative under writing.  

Cash flow is positive although small (between $200-$1200 depending on number of units in the property) on properties that I bought mainly 2011 thru 2017 because of low buying prices and rents have gone up well.  

I do not know PL too much but I know it is the most popular for small unit count operators. 

You might consider starting with a small property that fits your budget and gradually expanding your portfolio as you learn the ropes.