I’ve been realizing that starting with something turnkey or new-build might be a smarter first move to get my feet wet and learn the process without the stress of a full rehab from a distance.That’s a great point about zoning and permitting differences too.

My goal is to get a multifamily to help cover the mortgage and then gain a few more doors to be able to live without stressing about paying bills.

Control your stress points. 5. 

Rehab scope, true operating expenses, and vacancy/maintenance sometimes get underestimated on small multifamily.I’d also stress test what happens if rents come in slightly below pro forma or if expenses run higher than expected.

Once you’ve done the first roof, first exterior package, first system upgrade, the next ones should follow a template:Budget rangesFinancing assumptionsTimeline buffersThat predictability is what lets you scale without stress.

Its not a market with a ton of rentals and burnt out landlord syndrome or as you mentioned folks that get really stressed and become forced to sell into a down market.

Selling would reset our finances, relieve stress, and give us capital for a multifamily purchase, but I don’t want to prematurely give up an appreciating OC asset. 

Also, make sure you’re clean on material participation and documentation going in having that buttoned up ahead of time made the whole process much less stressful and gave me confidence I could stand behind the numbers if ever questioned.If you’re prepping for REP status, start tracking your hours now so it’s easy to document later.

As currency supply increases, interest rates decrease and AI induced equities inevitably rebalance, anticipate rapid diversification to prime real assets.

Or they don't care, too much stress, time & energy.