I absolutely would NOT choose the the small MF route and particularly if you are out of state.   

We plan to go the business route since after property taxes and expenses and the current market 30% takes a huge chunk out of the potential ROI.Whether we purchase a single commercial multifamily unit or a couple of smaller multifamilies and short-term and/or mixed-use, can these all be under a single business entity such as a C-Corp or LLC?

Would you recommend this route for a new investor?

I just helped a couple purchase a new home together in Vero Beach and we went that route.

Sounds like you answered your own questionThanks for the replies.My goal, ideally, is to put 20% down, have rents cover all standard costs (mortgage, regular maintenance), then sell the property after ten years without capital gains.

If you do go the Airbnb route feel free to DM me and I'd be happy to provide some tips based on my own experience.

Hi everyone, Currently I am remote to the suburban Chicagoland market, but I'm looking to get connected with others who are active in the multifamily space in the NW Suburbs.Are there any good, active communities that are meeting regularly that you'd recommend? 

It would be hard to figure all this out if we didn't drive to properties regularly, walk the area, manage in-house and so on.

If I was able to focus on it 100% this might be a good option, but it would definitely cost a lot in commissions to go that route.

Also, I heard that modular construction is a bit cheaper than regular construction.Am I naive to think it's doable as my first-time investment?