IMO better options- If you don't need the money in the next 10+ years look into Annuities I'm seeing 7-9% and you don't have to participate in market downturns.

The property was in a great market but needed a full cosmetic rehab and basement finish to add a bedroom and increase resale value.

@Anade Davis Agency: either FNMA, FHLMC, FHA, or VA.Look for land contracts, where seller provides financing.

Guest breaking down their markets and strategies gave me a lot of insight.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

Hiring the right GC is key to getting the property market-ready efficiently.

One, you might want to consider Seller Financing (in Michigan, we call it a Land Contract) which can allow you to buy property while using the Seller as Banker; not all Sellers are open to this, but it can be beneficial to both the Buyer and Seller.

My focus is simple: helping out-of-state investors like you unlock the full potential of the Birmingham market.

A sellers market in general.

Where you would put in the mortgage the seller is financing.