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 benefit of this is that it will be free from the hassle of repairs and maintenance for the first 5-10 years or …