To plan this route you need to account for how much cash you have to invest, how much time are you willing to dedicate, how much knowledge do you have, what skills could you provide, what aspects interest you, and what you want to achieve.

To get started, I set some ambitious targets of the returns I want to achieve (6-7% cash on cash return with 20-25% down, estimated appreciation of 2-3% per year). 

The biggest thing to do now is to mitigate you risk while also achieving high enough clasflow yields that keep you in the green while also given your renters the ability to be flexible.

I want to maximize my returns and try and achieve REP status on my tax return, therefore allowing depreciation (and other benefits) to occur as a page 1 item on my tax return. 

The piece I am trying to figure out is how to navigate the discount portion of the note which for me as the payor would be treated as cancellation of debt income (which is taxable).That's why I am investigating the "price reduction after purchase" method as a means to achieve the win-win without me getting hosed on taxes.Any particular reason you personally wouldn't pursue the price reduction path? 

@Rohan Gangar I'm not as familiar with DFW as I am with central and eastern TX so I can't say with much confidence what is achievable up there. 1% can sometimes be a reasonable target in TX, but it doesn't create as much cash flow as it does in other areas due to property tax.

To me, the basics of multi-family come down to the scale that you can achieve over single-family and duplexes.

@Ryan DodsonI won't speculate as to how the current economy will impact real estate prices in your area... but generally speaking if you find a deal that makes sense to you financially (ie you are achieving your target cash flow and return on investment) then I wouldn't wait. 

Building an Airbnb where everyone can belong hinges on knowing that everyone in our community understands this mission and agrees to help us achieve it.What if I decline the commitment?

If your forecast is truly achievable, then refi with A bank with option for 2nd mortgage.