Simple ….for every $100,000 increase in price point the harder it gets to achieve that additional $1,000 in monthly rent.

Or, the LLC can do the exchange and the members can achieve their goals from within the partnership agreement.Happy to chat if you’d like.

There is already a tenant in 1 unit and 2nd unit is already on the market for rent.

I followed through and got the deal done.NUMBERS:Purchase price: $103,500 (off market deal)Closing costs: $4,409Financing: 25% down, 6% fixed 30 year noteAppraisal: $117,500Renovations and deferred maintenance: ~$10,000PITI: $673/month (tax will likely go up next year; they are relatively high in this market which is one of the downsides)Vacancy, maintenance, long term cap ex: 15% of monthly incomeManagement: ~2% of monthly income (self-managing for now with Hemlane, cost is highest for the first unit due to flat annual fee for the software and decreases as properties are added due to nominal fee incurred with each additional unit). I

Do you have a family member or friend that's achieved what you want to achieve?

With $50k, you are going to be able to afford a $200K property MAX (Probably more like $165k based on 70% LTV).You say you're looking for a good market AND a good return AND you want multifamily... but unfortunately you're not going to achieve both good market and good return with a $200k budget.I say you either keep saving if you want to get into a good market and buy multifamily. 

With a fourplex you should be able to achieve cash flow even with the current rates - in addition, even if you took on a mortgage on a rental property in the current market, you will still be able to refinance in the near future when rates come down - I would not pass up an opportunity that makes sense as an Invesment just b/c of heightened rates. 

As you achieve greater success (financially), you will recognize managing STRs requires certain sacrifices and paying for a STR manager could be worth it.  

HOWEVER, when I have had a pushy Owner that insists on wanting to view the occupied unit, I will allow them to accompany me as an "inspector" for the insurance company, or for an appraisal, etc.

Although the building is an older building the unit is in pretty good shape and needs mostly cosmetic rehab/repairs.