Purchase price: $168,000 Cash invested: $40,000 Sale price: $299,000 What started out as a family friend needing out of their home due to financial hardship turned into an incredible project for us.

I have repairs to complete and I'm starting anew by house hacking. 

That is one of the few ways for folks with limited resources to get started. 

Rinse and repeat.My question is what do I need to do to get started?

I am looking to get into the real estate world in the short term with the idea of "house hacking" a duplex-quadplex with an FHA loan to start in the world of landownership.

I believe they stopped using knob and tube wiring sometime in the 40s.Roof - Of course in that amount of years, most likely the roof has been replaced at least a couple times, but this is also a big ticket items to look closely at.Plumbing - I think it was sometime in the 80s when PVC pipes were starting to be widely used.  

I want to cut my teeth on my first real estate deal within twelve months of moving, and I am interested in starting my investment career with a fourplex.

We start asking for near top-of-market rent and notice when we decrease rent 5-10% after the first week or two of marketing that magically the tenants with longer rental histories, no evictions and stable (but not necessarily lucrative) jobs start showing interest in the listing. 

I think it really depends on your market and skillset at to where you want to start.

Here are some key points to consider:Accessibility: Residential properties are often more accessible to individual investors, especially those starting out with smaller capital.Tenant Stability: While turnover can occur, residential leases tend to have shorter terms, offering more flexibility if you want to adjust rents or change tenants.Market Liquidity: Generally, residential properties are easier to buy and sell due to higher demand from individual homebuyers and investors alike.Emotional Appeal: Homes and apartments can have a strong emotional appeal to buyers and renters, which can influence demand and pricing stability.Purchasing: Residential real estate will require a down payment of at least 10% of the purchase price.