I am also interested in tackling my first investment, whether its a house or a small multifamily for either hold or flip, I know the lessons learned from it will be invaluable to getting to the bigger investments. 

Small multi families are nice because if one tenant moves out you still have rent coming in.

Focus on getting the property cleaned up and rented before worrying about the any deficiencies You will have to pursue him at some in small claims(Or what it is called in Mn).

From what you briefly mentioned, they are calculated small steps. 

I am evaluating a rental property that has 2 lots and 3 small homes on it. 

I live in a small market area and I have yet to find a decent property management company.

Of course, just driving areas can not paint the entire picture.(1) Morrow Small neighborhood feel.

These are typically more like corporate housing or traveling medical professionals.Short term rentals—We've used Airbnb selectively as a way to turbo-charge properties that maybe have a small funky unit that can't command strong rents but still is a bear to heat in the winter. 

Welcome, its a good feeling to own your own deal, no matter how small you start.

Small bank or Credit Union (Portfolio lender)?