I’ve been scanning the market and come to understand as my first investment I’ll probably have to find an apartment/condo something like that and I typically hear of STRs typically making more cash flow etc.

This seasonal slowdown is typically predictable and manageable.But at the end of 2024, we saw that increase jump to over 10 days, pushing average DOM from 25-30 to over 40.

@Amanda Bradley Tenant sounds like typical Class C with a credit score under 620.How hard was it to find this tenant?

That's a typical scenario and could cost you $10,000 - $15,000 so that would be a good starting point for your reserve.But there's more!

Keep in mind that while there is an exemption to the Fair Housing Act.....most states that have a state level Fair housing law do not typically provide the same exemptions as the national law.

.- Maximum build size: typically 800 square feet or 50% of the size of the primary residence, whichever is smaller.

@Ethan Slater here's some info we hope you find useful:Recommend 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?

We have much more robust capabilities in MLS that typically in most areas aren't available to the general public. 

However, tenant insurance is typically intended to cover personal property and liability for the tenant, not the building itself.

They will get in touch with the property manager, let them know a complaint is filed, and typically give them an opportunity to make things right before opening an investigation.Have your friend look for a new PM immediately.Start by going to www.narpm.org to search their directory of managers.