I am looking to buy my first rental property this year and was wondering if it is smarter for me to play it safer with a SFH, or go after a 9 BR 6 BA multi-family home that I found in my area which I think is a decent deal? I am nervous that A) I can't get my hands on enough funds to make the 9 bedroom deal work since I am a 21 year old with not a lot of capital and not much proof of income and B) I am nervous that if I make typical "first timer errors" they'll be magnified and harder to deal with since it's a larger property compared to a SFH. Any and all advice is appreciated/welcomed, thanks in advance.
How do the numbers compare? If they are comparable (%) to one another, you should stick with the SFH. If the multi is significantly better, then A) you find someone to partner with for funding and B) hire an experience Property Management Company to run overall operations.
Disclaimer: I only have 1 house hack under my belt, but I've been educating myself for a while now.
I too am looking for my first deal and if I found a MF that had good numbers I'd personally make that plunge