You’ve made up your mind; the next step in your path to wealth is to purchase rental property. The research is done and you are ready to become a landlord. Fantastic! The question is: which residential rental properties do you buy?

In the rental investment world, and for this example we will look at residential investments, there are a number of options. Do you buy a new home, an older home, an apartment, a townhouse or a unit in a multi-unit dwelling? All have very different characteristics, market appeal and pricing levels. I will examine each one individually to break down the pros and cons of each.

1) A Newer Home 
Who wouldn’t want to own a new home? And it is not uncommon in today’s market for people to purchase a new house with the sole intention of renting it out. The biggest…