My wife and I have an opportunity to purchase a property in South Lake Tahoe from her father.

However, when the first buyers failed to come through with cash as specified in their terms, the seller pulled out and offered us the opportunity to purchase the property at the asking price, and we did.

It seems many of us living in high price-rent areas are intrigued by the potential cashflow opportunities in the Midwest.

I've only invested in STRs and was looking to get into small multi-family but haven't seen anything that made sense in any of the markets I invest in so was curious where people were seeing good opportunities.  

OKC and Birmingham markets both offer some great opportunities and good entry prices for new investors.

I intend on sending the tenant a bill for the exact repair cost as "additional rent" (per the lease) instead of evicting in the winter and deducting from the security deposit.

I can only speak for Dayton - there's a lot of opportunities here with a market that has  high rents relative to the prices. 

When you sign almost all mortgage closing packages, you are signing an Occupancy Clause that states you are intending to live in the home for 12 months.  

It could be a nice opportunity however I would be certain they will want you to make up the difference between $250,000 and whatever is left on the mortgage which btw in my opinion should be done with lender's knowledge and approval. 

If we take the same 4% annual appreciation as a conservative estimate for a multifamily property, it might also reach a value of around $180,000 today, but if it had significant value-add opportunities, it could be worth significantly more.