This is a very niche asset class.

Other than the financial aspects discussed, look at the construction differences between duplexes and quads.

Of course, it requires financial resources, but it is an investment that will pay off in the long run.

The previous owner financials showed average nightly rate of $176.

Conduct thorough market research and financial analysis to ensure there's enough margin for profit after accounting for purchase price, renovation costs, and selling expenses.Types of Investing: In addition to fix and flip, consider other investment strategies such as buy and hold rentals, short-term vacation rentals, or wholesaling.

You should look to have a base of cash flow before you are financially stable enough to be in low/negative cash flow markets like California.

I can't speak for you, but we have decided to meet with our accountant to determine the tax consequences of a sale so that I can take as much capital out of it and move that into a better performing asset. 

You could buy a multifamily, fix it up, rent out units while living in one, then refinance to pull out your initial investment and repeat the process.Additionally, deep-diving into specific areas within your target markets will help you identify properties with higher rental potential for your mid-term strategy.And regarding owner-occupying your first multifamily, this could be an interesting option depending on your financial goals and risk tolerance.

At the same time, we don't want to get into financial trouble.Current property is in the nicer part of the city where there's lots of growth.

He and his wife hold it in a revocable trust with plans for the asset to be distributed to his adult children.