We have access to a project manager and a team of VAs who do general admin tasks, transaction coordination, and marketing.

Start making friends with people that get multifamily listings or have access to distressed multifamily owners.3.

Any equity in the house you can possibly access?

@Cameron Belknap FHA loan rules in HUD 4000.1 mention not counting the basement as part of the Gross Living Area; however, part of the FHA requirements found in HUD 4000.1 includes a section on “converted spaces” which states:“The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space…is accessible from the interior of the main dwelling in a functional manner; has a permanent and sufficient heat source… and was built in keeping with the design, appeal, and quality of construction of the main dwelling.”Furthermore,“The Appraiser must analyze and report differences in functional utility when selecting comparable properties of similar total GLA that do not include converted living space.

In addition to spreadsheets, I was curious if anyone uses a checklist when analyzing properties; a series of questions, reminders, and information to acquire as a guide you use? 

Other things you need to factor in: utilities like satellite TV/internet (which, since the house probably doesn't have access to cable, internet can be An Issue), and will the HOAs allow short-term rentals?  

You need to find leads where no one has access to them.

@Scott Holmes, out of curiosity, what is the inventory like these days for small multi-family (2-4 units) in the Richmond market, and what is the typical price range for acquiring such property in standard B-Class neighborhoods? 

Some are 100% commission with monthly fees, agent transaction fees, and a website and full access to CRM.

The other structure that came long in 2004 in response to wall street wanting a product to access 1031 money was blessed as the Delaware Statutory trust.