@Colby Wherry I would buy a really solid cash flow potential property that needs minimal repairs for the first one to get done experience with a small turn and rent first.

@Ashish AcharyaSo basically should a 2 member LLC for operations, not for rentals choose S-Corp taxation or partnership taxation to minimize taxes?

I'm not trying to look for "an easy answer", just looking for help in thinking through potential strategies to generate leads with minimal time cost to me. 

I hadn’t thought of a turn- key concep as another way to minimize hassles ( if you buy the right ones).

, but considering property values where we live and the minimal cash flow potentials, it currently feels like our best bet in terms of building wealth while still providing our family with the lifestyle we want for them.

You want to minimize tenant flip costs and time.   

However of course holding it my capital expenses should be pretty minimal for awhileThank you for the time and responses in advance

We hardly had any kids in the 1/1 so turnover costs were minimal as long as we had a good tenant taking care of the place.

They are fully paid off with rents coming in total of $7950/month with cost of HOA fees and insurance with minimal repairs costs.

I’m also considering non-alcoholic options, like running it as a coffee shop, or some other commercial endeavor.