Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.

I would be happy to take a look at your property and discuss comps and potential strategies. 

Find a partner willing to build something on the land at their risk and expense and share in the profits. 3.

Fly out there, drive the streets, meet with potential team members, talk with local investors, etc. - Not to mention you'll avoid the headaches of California Tenant friendly laws!

It's high risk potentially not so high reward situation. 

Including, but not limited to, contractors, lenders, wholesalers, potential sellers, potential buyers, attorneys, title company, inspectors (all types!)

Think all the expenses and potential income of the property.

I have a W2 job in a high tax bracket, but we are planning on owning Airbnb’s that my wife actively manages along with her working as a real estate agent...Our goal was to have her materially involved so that we could write off potential losses against my W2 income.

This takes risk off the table.  1.  

Determine what you are looking for in the best multifamily property; this could include things like location size condition rental potential cash flow projections value-add opportunities etc.