I check in this property several times and wasn’t satisfied, as there was no progress.

Congratulations on your first property.

And the cost to mitigate was over 1 mil.. so we just had to fence it off and we lost I think3 or 4 lots but did not have to do the work.. lot values at the time ( late 80s) were 125k each but we did not have to run utls which was 30k each ..

.- Buy a multi-family home - I've seen some for as low as $250k, but I'm sure there will be different deals by the time I'm ready to pull the trigger.- Take out an FHA loan for 3.5%.

My first impression was that we can wholesale it to a land lord since it is turnkey, pristine however looks quit outdated.

Properties meeting at least one of the following criteria will not be eligible for Citizens Personal Residential Multiperil coverage:Rented to guests more than three times in a calendar year for periods of less than 30 days or one calendar month, whichever is lessAdvertised or held out to the public as a place regularly rented to guests

I remember him mentioning it multiple times in the podcast, but I can't remember the specific book, can anyone help me out here?

Hey @Frank Williams - firstly, congrats on making some solid progress man! 

Go for bigger deals.  47 units will likely not support full time PM or maintenance. 

@Brian Burke I'm not a big fan of pref equity in the first place, as common equity investors often aren't compensated for the additional risk.