I would suggest getting another full-time job for the time being and investing/doing STR on the side until you can fully and comfortably replace the income that you would be receiving from your job.Is your LTR in need of repair?

With that they may be able to recoup from their renters insurance (hopefully you require this)  If locks are damaged and the unit isn't secure you would need to take care of that right away.

I work full time at a decent job, but have quickly learned that I needed to make some changes in my families life by securing our financial future. 

Also, think about the bigger market factors—how’s the job market and population growth in Lexington?

Lenders will lend the lower of the amount between LTC and LTV.Do you require an appraisal and survey?

We have substantial job opportunities here. 

., mortgage interest and property taxes) requires careful allocation.

Newer construction code requires better earthquake-proofing, but it's still aimed at preventing a building collapse rather than holding the value of the structure.About 15 years ago there was all the talk about "100 year homes" but I haven't seen much come of that.

The real actual job is still the contractor analysis. 

Also, how much time do you want to spend doing real estate vs. your main job or extra work in order to fund it.