My first duplex already had/has tenants in both sides and is working well. 

If you don't have plans already, that is. 

Hey Stephanie,Fellow Torontonian here, I'm looking into the New York market as well, to invest in small multi-families.

I purchased my childhood home from my father for about $100k less than market last June and the original plan was to hold for 2 years which takes me to June 2025, do minimal renovations, then sell and take the profit from the sale and purchase one or two more investment properties.

If you're more conservative, you might want to increase your fixed income allocation.Income needs: If you plan to live off your investments in retirement, ensure your portfolio generates sufficient income to cover your expenses.Remember, this is a general guideline.

Even if we purchase the multi-family, I do not plan on living in it as it is too far from my office. 

As far as I know, there are no plans to build on either lot any time soon.At the start of the renovation, we replaced the roof.

I also plan to run paid ads as well but would like to start with the website.

I would then contact the tenant and explain your plans for renovating the second floor, etc., and tell them you want to start in the next 30-45-60 days.

Since it's almost always a "one-off" per student, of the few that actually do a deal, (who then fade away into the landscape) it's hard to call it a successful business plan for the student.