Once I have found that tenant that fits neatly into the characteristic analysis outlined above, then I set the stage for the tenant to know that I am a serious Landlord and that I do not let people off the hook.

The thing I love most about this profession is that there is never... ever.. a deal that is the same, from the size of the property to the way the deal is structured.

What would your ideal multi-family property be--size, location, price, cashflow, etc?

@Brie Schmidt I'm sure the answer is different for every PM, depending on the size of their company.  

Justin - the kind of fund you describe could fit well.

How higher education fits with rei is discussed some here on BP , but I like how you show they need not be mutually exclusive.

@Brian SinclairI don't know if it fits this low-priced deal is a good fit butI like joint ventures with sellers where 70% of ARV is just too low, so the seller always rejects itSo on alternative is to do a joint venture with the seller, give a note with no payments for four months, now you're on title, you fix it, then resell it, and pay off their note when it resellsExample, $200,000 house, 20,000 in repairs, 70% of ARV minus repairs is 120,000 net to sellerFor the joint venture, figure 10% for resale costs or $20,000, add in $20,000 repair bill, add in $2000 in private lender interest, and a joint venture fee of $10,000 for the real estate investorThis is a better result for the seller, netting the seller $148,000

There's no "1 answer fits all", but I consider 2 major things with multi-family:1.

@John Cohen is a pro when it comes to large and mid-size multifamily properties.  

So weighing the tax breaks of longer holds against the risks and opportunity costs, I believe Bruce's strategy makes less sense for me personally in my situation and my market, but works very well for him.This is what I love about RE, it is so nuanced and location specific that a guy like Bruce can do it 1 way, and be completely right for his situation and market, and another guy like me can do the opposite and also be right (I believe) for my situation and market ... different markets, different conditions, different strategies ... this may be confusing to newbies, but I think the value for others is not in the strategy to copy, but in understanding the thought process and rationale behind it ... then they can apply a similar thought process to their market and situation to custom fit a strategy for themselves.