My wife and I work together to purchase and manage our rental portfolio.

You can pivot, but if you are trying to do due diligence on how flipping, BRRRR, STR, and syndications would work for you, you will likely get stuck in the mud.Don't think that if you spend three months learning about flipping and decide the numbers don't work for you, you lost time.

Hi Fred, There are lenders that offer flexible financing solutions for investment property transactions for if / when you decide to pull equity out of the property. 

A strong managment agreement between tenants..   

Again, competitive rates (much more so than HM or HELOC) and still have your money working in two places at once.We recommend #1 since we try to leave banks out of scenarios if they aren't absolutely needed but it is possible.Just some thoughts if you decide to liquidate a couple properties and happen upon some cash.Reach out if you have any questions.Best wishes!

If you can figure out how to get a quality asset and manage the risk you can do great. 

We would like to start building our portfolio with a long term rental, preferably a duplex, using a property manager.

This is critical early on when you start investing.Better Property Management: Understanding the basics of plumbing, electrical work, and other home systems means you can quickly address minor issues before they become major (and expensive) problems.

Full disclosure: I’m a realtor and property manager and have been helping my clients buy these and then I take them over for management after they close. 

While she seems like a nice lady, I don't want to be caught in the middle if her X-Husband  decides he doesn't want to pay her.