Given the limitations I have around down payment money and debt servicing, it's likely that the first property would have to be a SFH or condo and will need to come somewhat close to cashflowing; We'll need at least 1500sf to live in - hence why I believe that I wouldnt be able to afford a MF - the price would be too high to afford a place that can fit us and another unit and then also purchase a subsequent property; I am not opposed to some moderate rehabbing, but any significant capital devoted to rehabbing would eat into either the downpayment for the next house, or, if part of a loan, add to the interest payments (affecting cash flows); The location wouldnt have to be ideal, as we would move out in a year (assuming I dont lose my job)The second property we would purchase after living in the first property for ~12 months and then live in it for the next 20 years; It could be a MF, but could also be a SFHApproach 2: Purchase one property (- a 2, 3 or 4 family - ?)

It had a new roof and AC about 5 years ago, but aside from that it needed a full kitchen, bathroom, plumbing, exterior repair, paint, floor refinishing, and windows. 

Single family house exterior paints are starting to peel in a couple locations.

There's an exterior rear stairway for access, but it is in very poor condition - it will need to be rebuilt. 

I'm talking about 4-6 people on a long term 12+ month lease, in a house with a nicely upkept exterior and with sufficient parking, not an AIRBNB with parties.

We’ve been patient and kind, gave them a break or two going in and along the way, but it became increasingly apparent that they were just the wrong fit, not least because they began giving us issues with the local HOA as it pertains to exterior upkeep, and because we discovered they’d breached the lease by basically turning the house into a family enclave that involved a number of people not on the lease living in the house.

The home inspection revealed the following big ticket items:Possible asbestos in the following locations:Popcorn ceilings of Unit 1 (peeling, must be replaced)Attic insulation of Unit 2Basement tile of Unit 2 (badly damaged and crumbling due to water damage years ago)Windows that need to be replaced (exterior shingles are asbestos)60 Amp service boxes and Knob and Tube electrical throughoutI'm looking for advice from the BP community on these issues. 

And every single unit including the exterior must be gutted and redone from top to bottom.

I’ve found a 5000 sq ft home in unincorporated area, popular neighborhood, its 1979 build, its in decent condition but requires flooring, paint , exterior roofing , walls all renovated, guessing cost might be $150k to make it new..

I have wondered how STR does near the city as opposed to one in the mountains nearby.