These days we search MLS for red flags like "foundation" and "TLC" in the description to find properties with more upside and with issues others may not want to deal with.

As Wayne mentioned a 2 family dwelling may have different call signs but the definitions will depend on how the structure was built and if each unit is on a separate legal description.

Know the MarketEffective real estate investors acquire an in-depth knowledge of their selected markets, such as narrowing in on a particular geographic region and focusing on residential vs. commercial properties.

Like you responded, you won't be geographically close so you need a team that will take care of all this without you (which costs money that you'll have to factor in.)

This Commercial Lease Agreement (“Lease”) is made and effective [Date], by and between [Landlord] (“Landlord”) and [Tenant] (“Tenant”).Landlord is the owner of land and improvements commonly known and numbered as [Address of Building] and legally described as follows (the “Building”): ____ [Legal Description of Building]Landlord makes available for lease a portion of the Building designated as [Suite or Other Number of Leased Building] (the “Leased Premises”).Landlord desires to lease the Leased Premises to Tenant, and Tenant desires to lease the Leased Premises from Landlord for the term, at the rental and upon the covenants, conditions and provisions herein set forth.THEREFORE, in consideration of the mutual promises herein, contained and other good and valuable consideration, it is agreed:1.

STR are allowed in most condos, unless the CCRs prohibit it, which is stated in the listing description b/c many condo buyers plan to rent out their unit. 

See page 23 of their last SEC filing (10-Q) for a good description on how they acquire land.

This will allow to to further diversify, both geographically and investment type.Reach out if you'd like to discuss.Best,Rey

I agree that real estate specialization is more important than geographic location.

@Scott Kunz Your description of the protections arising from the LLC structure struck me as a bit on the sanguine side.