Live in one unit, rent the others: Buy a 2–4 unit home, live in one unit and rent out the rest. You get home-loan terms, and the rent helps pay the mortgage.
Buy and hold a rental: Buy a house, condo or small multi-unit home to rent out long term: monthly income and growth over time.
Bank-owned and government homes: Buy homes a lender or agency already owns (a bank, Fannie Mae, Freddie Mac or HUD), most often after a foreclosure and sometimes after the owner signed the home over (a deed in lieu). They’re usually sold through a listing agent, with time to inspect. Bank-owned is a way to buy, not a promise of a bargain.
Fix and flip: Buy a home that needs work, renovate it and sell it. Profit depends on the purchase price, repair costs and timing.
Buy, fix, rent and refinance (BRRRR): Buy a home that needs work, renovate it, rent it out, then refinance against the higher value to get some of your cash back for the next one.
Tax and foreclosure auctions: Buy at county tax sales, trustee auctions or sheriff sales. Prices can be lower, but you usually pay cash, buy as-is and do all the research yourself.
Apartments and commercial property: Buy property that’s valued by the income it brings in: apartment buildings, retail, office or industrial, on your own or with partners.