How much did you pay for the property? 

Properties eligible for this must meet certain criteria.

Some context, I have 3 other properties in a different city and am currently on 1099 income (so I can't do conventional) for the past 3 months.

In your opinion what do you think is the best property to start with?

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Our process is to initially get to know them face-to-face, by meeting a few times over lunch or dinner and even walking a few of their properties.

You’re in a solid position, but the challenge here is that your equity is tied up in a property that’s cash flow neutral—which means pulling cash out could push it into negative territory if you’re not careful.A HELOC is the most flexible option, even if you’re planning for long-term investments.

Hey Ryan, welcome to the BP Forums.Three properties in a year is really impressive,congrats!

Depends on if he wants to keep the property in Tacoma or does he need it as a down payment for a property in GA.

From a financial perspective, the numbers look attractive—many of these properties show a Cap Rate of 6%–8% or more, which is quite decent.For example, if a Dollar Store property is listed at $1.2 million with an average Net Operating Income (NOI) of $90,000 per year, financing 50% with a 6.5% APR, loan would still result in positive cash flow from day one.