What's the best type of rental property to own?
I was thinking of investing my inheritance in real estate to become a landlord and generate monthly income. What type of property is best?
Hands down, a modest single family home with 3 bedrooms and two bathrooms with a garage.
Single family homes (in most markets) are the most desirable for buying and selling.
Multifamily units like duplexes and triplexes are investment dogs and attract (in some areas) problem tenants.
Condominiums are often governed by the association and may restrict certain tenants (and animals).
You have the greatest flexibility in a stand alone single family home, but never buy the most expensive house in the neighborhood area. You want to have modestly priced houses (by comparison) in your portfolio so you can sell them whenever you want - real estate at the top of any area usually takes much longer to sell.