I was told I couldn't utilize a 1031 exchange because the second property had a lower value than the first, so I didn't bother with a 3rd party 1031 holding company.   

If you bring in passive investors, you will need to follow some SEC rules and do a PPM.You will need some seed/pursuit capital to tie up the deal (deposits, 3rd party reports, lender deposit, etc). 

@Robert Kornmeyer depends on your financial situation but definitely a multifamily is the way to goThey range from 600k-the moon Best value add areas are JP/Dorchester on the path of gentrification Great section 8 market as well and get high quality tenants Allston/Brighton/Brookline is more upscale and Multis start @1m but definitely a market not going anywhere anytime soonSouthie and east boston are great but youre late to the party on those

It's a solid contract that covers the common disclosures in a purchase, and then we add the Income Addendum which covers the lease, move-in checklist, rent roll, etc for an investment property.Very few will ever provide the screening documents, in my case it is against the agreement I have to be able to screen parties.

Used to have no car payments or debt, but now I have two and hate the thought of a third.

Life situation is the third thing.

When I first started I was also convinced that I needed to have 3rd party property management, and I looked for my first deal accordingly.

I know every partnership is unique and it really just depends on the two parties involved, but having the general opinions of other investors will help us to understand more about what we should or should not expect. 

The lease document is there to protect both parties.

A qualified 3rd party intermediary makes everything easier (also required) and if you don't have another deal or property lined up or in the works it makes the process 10X more stressful.