Examples might include areas in the Midwest, Southeast, or Sunbelt regions.Multifamily Properties: Consider duplexes, triplexes, or small apartment buildings to increase unit count and spread risk across multiple tenants.Short-Term Rentals: If you’re comfortable with the management requirements, STRs in vacation or business travel markets can offer significantly higher cash flow potential than traditional rentals.Value-Add Properties: Look for opportunities to buy undervalued properties where you can force appreciation through renovations or better management.Decision FrameworkRun the Numbers: Compare the projected cash flow, equity growth, and tax implications of selling versus holding with a refinance or HELOC.

Your cashflow to achieve $80,000 per year takes a lot of rental units.  

You are particularly interested in short-term and long-term rentals, promising ROI, and locations with a mix of affordability and growth opportunities.Being willing to move and live in a part of a 1-4 unit property will help you get better financing, for sure, and require less down.

How do you advertise your vacant units?

If you're looking for out-of-state properties, start with turnkey single-family homes or small 2-4 unit properties while building your local network and establishing boots on the ground.

I'm not trying to insult you, but the terms "36-Unit Multi-Family" and "First Time Investor" should not go together.

You could wait to close until you have your license and rather rental arbitrage the unit from seller until then.

Personal criteria, building criteria and area criteria will all affect the way a deal appears on paper. two 100 unit apartment complexes, one in an A area and one in a C+ area will have very different financial breakdowns and interest groups.Want to know if a deal is good (for you)?

@Jed Butikofer You need to find a market that has decent cash flow (think $200/unit/month) and become an EXPERT on that location.

If you have the extra cash you can buy more units or be able to handle expenses that crop up more easily.