If I only invested in REIT's or stocks 5 years ago when I started, my net worth would be 95% lower than it is today.

I got the terms mixed with open mortgage (no penalty to pay off early, but higher interest rates) and closed (more typical mortgage with lower rates, but the penalties to pay off the mortgage)...that'll teach me not to post too early in the morning :)

I believe the appreciation has been great over the past couple of years and prices are lower than in major areas like Miami metroplex or Charlotte.

. $700/month HOA fee may deter buyers, elongating your resale timeline, and could push your ARV closer to the lower end of your range.

BAM Capital is excellent in identifying opportunities with a high "yield on cost" which reflect their experience to operate Class-A properties at much lower costs. 

In a slow market homes sit and rot, they are on the MLS forever and the longer it sits, the lower the price goes to find the sweet spot for just the perfect buyer.

My plan is to live on the upper unit and rent a room out to a buddy and turn the lower unit into a midterm rental.

It's a riskier loan given you do not carry a social security, no US credit & no experience.Due to increased risk comes mitigation (Lower LTV & Higher Rates)

There are accountants who say that applies to the opportunity to discount sale and/or basis shift to further lower the tax bill.  

@Tove Fox - Residential Real Estate InvestingPros:Lower Entry Costs: Easier to get started with less capital required.High Demand: People always need homes, making demand relatively stable.Easier Financing: Mortgages are generally easier to secure with favorable terms.Simplicity: Easier to understand and manage, especially for beginners.Flexibility: You can use it as a personal residence or rent it out.Cons:Tenant Turnover: More frequent turnover leads to vacancy and more management.Lower Cash Flow: Income potential can be modest compared to commercial properties.Emotional Buyers: Residential prices can be influenced by emotions, leading to price volatility.Maintenance Burden: Landlords often deal with repairs and maintenance, which can be time-consuming.Commercial Real Estate InvestingPros:Higher Income Potential: Stronger cash flow and higher returns are common.Long-Term Leases: Tenants often sign longer leases (3-10 years), reducing vacancy risk.Professional Tenants: Business tenants tend to take better care of the property.Valuation Based on Income: Prices are based on the income the property generates, not market emotions.Shared Costs: Tenants often cover property expenses like taxes, insurance, and maintenance (via triple-net leases).Cons:High Entry Costs: Requires more capital or partnerships to get started.Complex Management: More expertise is needed; you may need a professional property manager.Economic Sensitivity: Commercial properties are more sensitive to economic conditions.Challenging Financing: Securing financing can be harder, with stricter terms and higher interest rates.Zoning and Legalities: More complex regulations compared to residential properties.Key Differences:Risk: Residential tends to be lower risk, while commercial offers higher rewards but with greater risk.Management: Residential is easier for DIY investors, while commercial properties usually require a team.Scalability: Commercial properties are easier to scale, offering more potential for significant cash flow increases.