Tips for analyzing small multifamily deals:• Underwrite with today’s rents, not pro forma.• Budget heavy on repairs if the property is older (multis love to surprise you).• Look at DSCR on a 30-year fixed, even owner-occupied.• Stress-test for higher insurance and taxes (they're rising almost everywhere).• Never assume short-term appreciation to bail out thin cash flow.6.

In addition to that my professional organizations (National Association of Residential Property Managers, Maryland Realtors, and Harford County Board of Realtors) are great resources of information for me on this subject as they try very hard to protect their members.If you are not a licensee or member of a professional organization I would suggest trying your state's Department of Housing/Community Development (or whatever its called in your state).

Not Paperstac or Noteschool but organizations such as AAPL, NPLA, CMA, Fortra, and Geraci.

Can you give me any tips for like the underwriting process and making sure that I do buy a good property? 

Treat it like a business, not a side task.Self-managing from afar works when you have:An organized rent collection system (Baselane, Avail, RentRedi, etc.)We currently use RentRedi, and used to use schedulemyrent.comA screening process you follow every timeA communication system (templates, auto-reminders, clear boundaries)The moment you “wing it,” out-of-state becomes a headache.3.

A good tip is to do a thorough sniff test in each room after removing carpets and baseboards, and consider using an ozone machine or professional odor inspection if you want added certainty before investing in major drywall work.

They don't seem to realize that this is a financial organization. 

In my opinion, staying highly organized and building systems/processes is the most viable part of dropshipping.

If anyone can share tips, recommended steps, or lessons learned—from deal finding, analyzing, running comps, budgeting rehab, to building a local team—we’d really appreciate it. 

The IRS wants to see that you’re actively directing and managing the business — things like approving budgets, coordinating repairs, analyzing performance, and making operational decisions — not just reviewing reports or responding to occasional updates.So while it’s not impossible, it’s rarely achievable unless you’re very hands-on, even from a distance, and have solid time logs to back it up.If you’re interested, I can share a free REPS tracker that helps you record and organize your hours.