Hey @Audrey Sommer, is this in regards to overall condition of the home or highest-best-use of a property for investing?

You'll want to focus on securing a favorable financing deal at the refinance stage—ideally, you want to pull out as much of your initial investment as possible while keeping monthly payments manageable.A big consideration is understanding your after-repair value (ARV) and ensuring the rehab costs add value in proportion to that.

Here's some copy & paste info you might find interesting:----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Why is Property Class so important for investors to understand and apply in their investing strategies?

What kind of investment strategies have you been considering?

Lastly, are your real estate investing goals centered around this endeavor or for your personal portfolio, or both?

I also have an excess of $1000 a month after all expenses and paid.I guess what I am asking is should I stay and rent and look for a investment property or buy a property for me and my family.

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details:After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

Quote from @Stuart Udis: Sometimes the best real estate investments are investments you don’t make.

This would give me an edge in investing in townhomes/condos, but I'm having difficulty finding condo investing resources. 

Are there any Alabama laws that could protect existing investment properties from new restrictions?