Quote from @Roxanne Whitaker: Please be aware if you buy an investment property and do not live in MD, when you go to sell it you will pay an 8% tax at settlement. 

from those I know the way they got going was to buy a 4 plex when it went up in value sell and buy an 8 when it went up sell buy a 16  then a 40 then 100 extra and you need no partners.. you grow it organically. however of course this is not pay 40k and your instantly an apartment owner..

One thing you don't want to do is to buy based on proforma and have a negative cash flow property, especially on your first deal.

Whether it’s a mom-and-pop shop or a larger operation, I’m looking for insights into who’s buying and who’s selling.  

I believe he shouldn't have let you buy this building unless you fully knw what you are getting yourself into.

Buy a 2-4 unit, close to home.

Quote from @Michael Smythe: @Jerry NoguerasRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Samuel Coronado - the challenge is that there will likely be a very small number of renters looking for a house that size, as well as that can afford a rent amount that high who won't just buy otherwise. 

Investment Info:Single-family residence buy & hold investment.

Investment Info:Single-family residence buy & hold investment.