To keep it short, there are homes that are right across from the units that looked a bit odd.

@Richard Ma   First it looks like in San Francisco your parent (who I guess owns the unit?)

My partner and I currently own 12 units in New Jersey and are looking to build an out of state team.

Buying existing LTR or STR with proven income that may just need an update or a value add (add more units, add more bathrooms, beds rooms, etc.) and your next one you can try a riskier property that has less proven income.

At some point 8-10 years did a portfolio loan with good tax returns and ended up using a lot of cash and that loan to buy 2 strs in Myrtle- ocean lakes. we currently have 20 units and Two are str's.theres really no short cut, we built a ton of equity by buying at the right time and fixing up ourselves (I'm a contractor).wr bought the two strs in 2020 and 2022.

If you were buying a multifamily, you could count income from the other unit(s).

Eric,Ask for a copy of the HOA bylaws and make sure your unit is OK to rent out. 

Investment Info:Small multi-family (2-4 units) buy & hold investment.

I used it to assist with my downpayment and costs to stabilize 3 parcels, all acquired at the same time, totaling 9 units.

We've done a few deals together in this way and currently hold 10 properties together - with an additional 3-unit closing next week.The basic structure made sense for me to get started - my partner provided the cash injection and I provided the time and effort to find the properties, fix the first couple and/or manage the contractors.