Look into high-demand rental areas like Pine Hills (near colleges) or Delaware Avenue (affordable multifamilies) and consider the BRRRR strategy if you're open to rehabbing properties.

Quote from @Samantha Bartlett: Hi, Recently I hearing about the idea of renting out one bedroom units, do you think there's value in starting out with one bedroom properties?

Expert BPers, Have you guys used a rental property inspection service before? 

I have managed the property remotely for years.

With that said, you can set up searches on ZIllow/Redfin or work with a realtor who specializes in investment properties, specifically value-add real estate (for your BRRR strategy) and have them set up an MLS search for this criteria that they would then send you hourly/daily/weekly/ad hoc

Investment Info:Single-family residence buy & hold investment. 1st home turned into long-term rental property in 2002.

I believe that most (if not all) lenders will require us to stay in this property for at least 1 year after we refinance it to a new fixed rate (maybe that's not actually true though since we've been in this property for 15+ months already?).

Quote from @Julia Havia: These are big projects and be sure that you are doing it all within the city scope of what they want for the property.

Multifamily property management is quite different than single family, I have done both. 

My goal is to purchase a turnkey STR property, manage it for at least 100 hours in the first year, and use depreciation to meaningfully offset my W2 income while hopefully also generating cash flow and property value appreciation over time.