My first idea was to buy something small and do short-term rentals for the days I'm not using it.I've also considered buying a tri or quad-plex or even something a little larger around 5-12 units and keeping one for myself.My other option is to buy something with a walk-out basement and rent the other two levels out. 

However, a local investor that has a couple hundred units said that I really didn't push hard enough and get to the right level of management.

Insurance costs are based on elevation level of your first floor.

I appreciate the sounding board from someone with your level of experience! 

@Bruce Woodruff I'm not sure if I understand you correctly but busy or not if you are running a business there should be a protocol for all level of customers. 

I'm unfamiliar with what would  be considered expensive, reasonable, or what levels of insurance would be necessary for our first deal. 

Price point, area/location, individual investors abilities or finances, individual investor's risk tolerance or business plan, level of rehab, etc.As an example, the 70% rule (more appropriately should be named "70% guideline), is a simple back of the napkin analysis and is NOT ever to be used to make your final purchase decision.

On September 4, our ground-level unit was subject to an immense amount of water damage from a burst hot water heater from the unit above us.

One rule is a certain percentage of affordable housing for different levels of low incomes.

I guess the obvious answer is we could structure anything we wanted, but this is definitely a level up for me. I’d love to hear any thoughts or consideration.