Concentrate on one market initially and once you have a proven model to build your team you can diversify.

After my initial research, I think I might want to try looking into a rehab/flip or rehab/rent (buying fixer uppers in established neighborhoods, ideally where I can eventually build an ADU on the lot,) and down the line move towards lots zoned for multifamily properties on large lots (to maximize the real estate, or have off half the lot and build another dwelling on the new lot.) 

In addition to cash flow each month and paying down your mortgage, the house price (and rent) will increase over time adding to your initial investment (ie the down payment). 

I’m learning a bit myself, but I want to at least share a couple of my initial thoughts.First, an asset will make you money but a liability will cost you money.Next, I see two ways to look at the situation: a) the short-game, b) the long-game.The short-game is to view the property/opportunity as a way to pay less while owning the building.

I do understand that not having my W2 job will create hurdles initially, but my W2 job was also limiting the time I’ve been able to invest in real estate.

During my first investment, I was able to purchase under market value 🙌 , and with some rehab it now appraises at 20-25% over the initial purchase+rehab cost!

Also, they have a month-to-month tenancy, but in NY since they have been there between 1-2 years, I need to give 60 days notice to terminate (they need only give me 30).I think I will reiterate my initial points above with them in person, but ultimately stick to the notice. 

Make yours more special than anything else in the area, lower prices initially, then raise them.And you do not have to provide anything other than coffee, just get a Keurig and pods......

On the investment thesis, below is my initial thinking.

We should have worked harder at negotiating the initial price lower.