We've been honing in on a pretty good development/investment formula that is working for us where we buy an existing single or multi-family house that can be improved or easily split into smaller units, and then we also add small new construction units to the property (townhomes or duplexes or cottages) and, generally, we rent them all out (though we have sold a couple of single family rehabs and we may sell the units in our next big project...

The property is 100 years old but has updated wiring, plumbing, and units.  

@Steve K.From my experience, it's more important to find a broker who specializes in your unit count rather than new turnkey properties.

You should use a state-specific lease that is clear regarding the start and end dates, the monthly rent, the fees that will be charged (ex. pets) and those that may be charged (ex late fee), the amount of the security deposit, and a clear list of rules associated with the property (no smoking inside is a big one as are rules related to parking).

Hi,As the title states, I have  around 100k saved up and am looking to buy a long term rental property (preferably a multi family).

Hi BP Community,I’m looking to refine my real estate investment strategy and want to make sure I’m on the right track.Here are a few areas I’m focusing on:Property Selection: How do you choose the right type of property for your goals?

What is the price point on this property and what type of loan and down payment?

Pitch your price as - Just say something like - I just want to confirm that you are happy with a price of $60K, even if I got this property for $1 - right?  

Real estate investors were full time real estate business people who owned larger type properties.  

The month of June my parents stayed in the property from out of state (the whole reason we bought it)  July was $2200 (only 3 weeks mom and were here first week of July).