@David Zheng You know that's kind of impossible to answer really depending on condition, rental rates, etc...but I'll play, my assumption is the condo building would be worth more because it is more likely owner occupied and have a HOA and what not.

I know the idea of wholesaling sounds like a great way to get involved without a lot of risk but I'm not a salesperson and I'm definitely not interested in networking like my life depends on it.

Your next goal would depend on your preferences.

@Ian Ramos - Depends on what you mean by "not a lot of money".

But that is completely dependent on the location and condition of the property.

Obiously it would depend on the sellers comfort, but from your experience what would you suggest?

The Appraisal Industry DEPENDS on sales comps. 

It will vary depending on if its your first use or second use.Also there is a hack because if you absorb it, yes you'll end up with a higher rate temporarily but 6 months of good on time payments later you can always do a VA IRRRL down to market rate again and VA IRRRL (interest rate reduction refinance loan) have a much lower VAFF of .50% so its much easier to drop your rate.

I've definitely made some money both on the cash flow and appreciation (appreciation was a surprise in most cases).But that being said, the exit strategy is difficult and I can see why people lose money on these ventures.Four pitfalls I see:#1 Lack of control:  Depending on property managers who in most cases do not have your interest in mind.  

It depends on your goal and objectives.