I already have a hand shake deal on the next property, another duplex, that I will buy come summer time.  

@Polat Caglayan very ambiguosu question, but read the helpful info below to guide your next set of questions:)-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Yes, they will do many things better than you, but some things it's not possible for them to be as attentive and quick responding as you.Also, no one's perfect, so keep tabs on them in general.Regarding holding or selling: why did you buy this in the first place?

I'm looking to purchase a single family home as an investment property (buy and hold strategy).

It depends on where you want to live, income, personality, and other factors.You could buy a large home and rent out the individual rooms to cover expenses, but this comes with problems.

It'd just be a shame for you to sell a building and pay tax only to then reinvest your net proceeds after tax in buying your first pieces of investment real estate.  

He claimed if he didn't get the money he could not buy supplies to complete the job, which would be done in a week(I knew this wasn't true). 

Notice when I spoke of London STR I used the words "gain control of a property" and NOT "buy a property"???? 

Do you want to be solving tenant issues, buying properties, problems at work, etc. 

Buy in an area you want to live and renting to the people you want to rent to.