My dad and I (both with access to VA loans) are about to get into the multifam game and how we proceed is really going to depend on the true occupancy rules for the VA and our lender.

We did quite well in the Timber game in the 90s Owned many thousands of acres of Timberland during that time its a great industry one of the favorite things I ever did beat the heck out of rental houses LOL

I am a LTR owner, getting ready to move into the STR game.

In my case I was lucky that I still kept half of my portfolio, so didn’t get out of the RE game altogether.

@Cynthia Lee Depends on your jurisdiction, your relationship with the tenants, and your end game plan.

Since COVID, the demand for cash actually increased, so this is a recession resistant play.

Now I agree the 4 will cash flow better than one will but I also look at it from risk of 4 properties will have higher maintenance costs and lower priced properties tend not to appreciate as well as a higher value assetI am also in it for long game and managing one is easier than 4

This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.

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And the reason why your "tale of two halves" will play out as you described.Demand:  This has actually been high almost all along, but rent growth hasn't materialized in response due to high levels of new supply.