Census Bureau.The vacancy rate on single-family rentals fell to 7.3% in the second quarter, down from 10% in the fourth quarter of 2008, according to the bureau.Here's what you need to know about making money in the rental market.The Traditional RouteMany investors become landlords on their own.Millions of the single-family homes occupied by renters are owned by investors who have just one such rental property, estimates Jade Rahmani, who tracks the single-family rental market as an analyst at Keefe, Bruyette & Woods, an investment bank based in New York.There are many benefits to going the traditional route.

Does it sound like we're on a reasonable track here?

@Evan Gorczynski no you are on the right track there!

I know the relationship with a PM can be important and vital for successful REI and given our lack of experience, it would be helpful to rely on their experience and wisdom to help us get off on the right track. 

ICF has been proven to withstand hurricane and tornado winds.

Househacking a nice condo or townhome could be a great option if the numbers work out.Knowing your budget will also help you narrow down the areas of Metro Phoenix that would work best for you.All types of properties have appreciated in our market, including townhomes and condos.Speaking to a lender who works with investors will be the short track to knowing what you are looking for.

Also we inspect every six months, check for leaks etc. as well as talk to the tenant during the inspection to see if they are having any issues and did not put in a repair order.Sometimes during the inspection, they might mention small things (a closet door came off a track) etc.

But I agree, with you on the sense that so many people want into Airbnb, if you are able to sell them a turnkey Airbnb, you can probably get a premium, just like selling a turnkey rental with tenants and track record in place.

What is his track record in this space etc.

@Chris Lucas There is a reason and a clear track record as you will see on here that many people do not buy under the LLC.