I know that interest rate is WELL below market.

The financing will then dictate which markets are and aren't within your budget.

Did you figure in the cost of the other tenant paying less than market rent until you can get them up to market rent or replace them with another tenant and how long that will take?

Then again, curb appeal doesn't matter as much in the inner-city parts of my market - more so in the suburbs.Lastly, if a property is newly built/renovated, 'neutral' may not be the best route.

I suppose something more turn-key could be a good option, but haven't come across many viable options there yet.Anyways, we still have a lot more to learn and still need to familiarize ourselves with the area/market, but just wanted to pop in to say hi! 

Federal Tax Benefits: You can claim depreciation deductions and may qualify for credits like Low-Income Housing Tax Credits or New Markets Tax Credits for eligible projects.3.

The cash flow of the paid-off property would be $480 monthly (post expenses) and am thinking of reinvesting that back in the market.

How stable is your tenant market?

My lawyer suggests in a situation like this that I give them a notice that I am the new owner and that as of a certain date they owe market rent of $X,XXX.

In my area these are rare so they are difficult to set market rent, and I imagine get a lot of wear and tear with a lot of occupants living there.