Contractor Starting Out w/500k - Looking to Acquire Apartments Full Time - Western MA

[Matthew D.]

Looking for advice on starting out. 30 years old, experienced with all aspects of residential remodeling and construction. I'm about to sell my personal house that is paid off for approx 500k. I'm looking to get into apartments full time. I'm a licensed contractor and i also have my realtor license, but want to get out of doing jobs for people and get into growing my own apartments full time. When my house sells I will be moving into a family members inlaw apartment for cheap, to allow me to use the capital from my house to turn it into a real estate portfolio. is that crazy? or sounds like a wise sacrifice? i like my own house but really don't need it as I don't have kids. I completely renovated the house that im selling, the only things that are not new is the foundation and the studs. 

My plan is to buy a 2-3 family property (preferably 3) that needs a little work, nothing too crazy. do whatever work is necessary, maybe increase rents after improvements, get it rented, and then move on to the next. I plan on using DSCR loans; so with 20% down, without spending my entire nest egg, i should be able to do that at least a few times without any refinancing. I figured after i got 2-3 properties going then I would consider refinancing as needed. I figure if i can net at least 500-1000 per month per multi-family then I would be in good shape.

My overall goals and needs are for long term growth and steady income. I don't need to make a lot of money right away as with the sale of my house and low expenses I will be in a good position to do that. I do have some friends/family doing this but wanted to get advice here as well if possible. one of them really focuses on short term rentals in Holyoke and Greenfield, catering to travel workers, and highly suggests that. But i am also considering year leases. or maybe a mixture of both to see what works best.

Does this sound like a good plan?

Anything else i should consider, such as commercial? or instead of multiple multi-families, should i try to find one bigger building to start?

Any thoughts (positive or negative), ideas, advice, etc, would be greatly appreciated. Thank You.