I work specifically with investors and market for run-down properties that I am able to offer to investors I work with exclusively, on top of the properties that are available on the MLS.

Depending on your long term goals I wholesale and use the assignments fees to buy free and clear properties and I use creative marketing to buy and keep in my portfolio. 

That being said, and this is not for a sourcing homes for sale, but to source accredited investors in my line of work, the average marketing agency is looking at about $30-50/accredited investor lead setting up a call. 

There's a reason that people try to buy properties off-market and that is because you can find sellers who care more about terms than maximizing returns.So start with a conversation: you already presumably have some rapport since it's your landlord and you've spoken before.

You need income to qualify for loans, you can learn how to manage rentals well (something most landlords never do), you will figure out which communities/properties make the best investments, can earn an above-average paycheck, and may even find some investment properties before they hit the market.

on the one hand, if you're happy with it, and you believe in this market, and this is what you wanted, great. the fact that you're asking the question shows that you're being thoughtful about it.with that said, it sounds like you're into the deal for almost $90K out of pocket, and so if you asked me if i would put $90K of my hard earned cash into a property to get $175 month, the answer is no. 

As an aside, insurance companies are inspecting most properties one way or another in the current market. 

The benefit to buying cash and refinancing later is that you can close on a property quickly, which works in your favor in competitive markets.

I'm curious to dive deeper into the Santa Fe market and would love to learn from those with local experience.

I have been investing in the stock market for 5 years and I am now transitioning over to real estate after doing my research on real estate for the past two years.