Quote from @David Waite: As someone who actually invested in these notes - perhaps too much as they comprise almost 15% of my investable assets - I am also worried about where this is going, and kicking myself for making a decision based largely on reputation with only a cursory review of what I was signing up to.

This resident likely had more options.My point is residents will make bad decisions and try to blame someone else. 

I'm a carpenter / contractor by trade, and I've done a few major whole-house renovations of personal homes over the last decade or so.  

Good to see the city make some practical decisions.  

Problem is only "RE pros" get to do it.There are 3 income classifications in the US - Active, Portfolio, and PassiveActive income is income derived from your job, or normal trade or business.Portfolio income is derived from bank instruments - stocks, bonds, etc.Passive income is income earned from investments.Active losses can wipe out both passive and portfolio income, but it doesn't work the other way around.Portfolio (capital) losses are limited to $3,000 annually.Passive losses can only be offset by passive gains.Real estate rental income by its nature is deemed passive per IRC Sec 469One way to get around it is to become a pro - spend more than 750 hours or 1/2 your time in real estate.But most folks aren't real estate pros.

Can anyone give me some advice, steps I may be missing to make a confident decision on making my first deal? 

Suburbs offer lower prices and better cash flow, but may have trade-offs in proximity and commute. 

Honestly seems like a little overkill on this decision - unless its strictly a rate-term refinance because rates have dropped, it usually just should come down to a side by side comparison of status quo vs. refinanced (+ how any cash-out capital is deployed)

I was on a Senate Steering committee way back in 85 on how to deal with all the platted antiquated lots in CA. there are millions lots created before the modern rules and these lots exist today but many are not buildable and are traded back and forth from tax sale buyers to retail buyers who dont realize their 5k lot in CA is non buildable.So there was a big conference in FT.

Which is guiding my decisions.