R esidential income properties, ranging from houses and condos to Tri- and Quadplexes, are a great way to get started in real estate investing or incrementally expanding an existing portfolio. Generally, there are two types of landlords in this class of real estate.
First are the investors with not enough money for an apartment building or who are seeking favorable financing and/or professional management.
Then there are the owners who don’t want to be a landlord. Perhaps they own a house or condo and they need or want to move but doesn’t want to sell. They may want to wait for a better time to sell or they may want to move back at some point in the future.
Managing even small properties is time intensive. In addition, if an owner is going to manage herself, she must live geographically close to the property. Long distance land-lording is very difficult and often results in a costly experience. And forget about long or distant vacations. They are just not possible when you are responsible to a tenant.