If you can make an off market purchase, you will likely get a better deal and thus, have more equity from the start - make your money when you buy.Building your team either here in LA or in Dallas will also be essential.

In doing so educating myself and looking for advice is essential for success. 

Analyzing this property a few ways: flip, STR, LTR...open to BRRRRThe linked report is to renovate the existing floorplan without the changes to the floorplan.Fast facts:1600 sq ftCurrently a 3Bed/1Bath; 1 bed and bath downstairs, 2 beds and 1 extra community area upstairsOriginally a 3Bed/0Bath; eventually someone added bathroom, laundry room, and mudroom (all downstairs; addition is vinyl-sided exterior)Full reno neededSpecifically interested in feedback on any of these points:Did I miss anything?

With all the bathrooms and kitchens, the value of the land is a lower percentage, so more can be depreciated.Residential buildings can be depreciated faster than commercial, to shield a higher amount of cashflow from income.Aside from the above list, multifamily shares a lot of the same real estate benefits as retail, including the ability to drive income and appreciation through your own efforts.FWIW, a fourplex, triplex, duplex are a strange area of overlap between single family and true multifamily. 

This is essentially what my company does, although we do not manage remotely. 

Your contract basically becomes garbage because you essentially only have two options.

We removed a wall between the kitchen and dining room, updated the kitchen, gutted both bathrooms, paint, refinished hardwood, updated plumbing and electric and did an unbelievably large amount of landscaping (English Ivy AND Honeysuckle...c'mon!).

To make a long story short I'm currently working on developing 13 units in the city of Lake Elsinore, CA and while going through the process of developing raw land into multifamily housing there's going to be a ton of people you come in contact with the are essential to the development process.

Looking at craigslist for Las Vegas and Los Angeles, it seems that a room rental w/shared bathroom situation is roughly 50% (maybe 60%) of a 1 bedroom apartment.

You only pay on a HELOC when you use it so if your goal is to flip or BRRRR, you can essentially become your own hard money lender and pay that money off as soon as your project is done.