However, achieving success in this space requires more than purchasing property—it takes strategy.

Purchase price: $225,000 Cash invested: $40,000 Sale price: $375,000 Bought a large 4 bedroom pool home and flipped

I've personally found the bulk of my Chicago purchases off the MLS.

I would make sure a bundle of rights for ownership are available individually, per unit of course, then worry about warranty and purchase options.

Quote from @Scott Vaeth: I purchased a house in South Carolina this past year with the goal of BRRRRing it.

Regardless, you might find the copy & paste info below helpful:)--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I’m considering either buying a rental since it’s cheaper or purchasing a flip if the market is booming enough.

Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

Self-proclaimed Section 8 guru's online claim to do the latter and then find Property Managers after they purchase the property in whatever state, but I don't know how real that is. 

Understanding the true material costs is important and I urge investors to get a good grasp of this before agreeing to labor only bids where they are responsible for purchasing materials.