That said, weigh the cost of renovations against the potential increase in appraisal.

Being the military, it had that definite institutional overtone to it, but the basic premise was the same.I recently toured a new senior's complex in which on end - for those who were still relatively self sufficient - had individual units (bedroom, sitting room / kitchenette ... effectively a bachelor apartment but without a full kitchen) clustered together in groups of 4 with their own common room / kitchen and courtyard.On the other side of the complex were units for those who required more assisted living.  

And, this may come as a shock, but the cost of insurance in a WL increases just as much as in an IUL...

There is a ton of fix and flip going on in Brooklyn and I am trying to work my confidence towards that after my first project at a lower price point around 300K somewhere (CT seems like my only option). 

I have read the book on long distance investing and still am not too confident to get started.

I would also recommend increasing your liability coverage to at least $2M.

As far as whether to approach them with or without an agent - approaching them directly without an agent can save the seller probably 2.5-3% of fees, which give you some room to negotiate on the price, but you need to be confident that you are capable of evaluating the property value, estimating on the amount of work that is needed, knowing how to negotiate/ structure the deal, and navigating the closing process.

Investing in a new construction duplex or quad in a high-growth market is a smart approach—both for immediate cost savings and long-term cash flow.I also agree that focusing on markets with strong job growth and population increases is key.

I have found that the "value add" opportunities, with rent increases, renovations, zoning conversions, and other work needed, absolutely do take up more of your time compared to a more turnkey property - even with third party management overseeing the process. 

A lot of investors who succeed in EC know the tenant base very well and a lot of them self manage.