------------------------------------------------------------------------------------------------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?

Approached the seller asking they pay all closing costs, received enough credits to buy down the interest rate back into the 5-range (current rates were in the 7-range).

Approached the seller asking they pay all closing costs, received enough credits to buy down the interest rate back into the 5-range (current rates were in the 7-range).

Have the tenant pay for repairs and maintenance with future rent increases by using a line of credit.

In some cases they cannot pull the money out because it is now (Non-owner occupant) an investment and their credit union or bank may cap them at 70% or 75% MAX LTV.Nothing wrong wiht putting 10% down on a primary but look at the rates on both 5% and 10% usually when you have PMI built in the rates stay the same.

I fared well luckily, did not sustain any damage personally.

@Catherine Emert - In Virginia too, and likely in every state, tenants are responsible for damage they cause, including a pest infestation.  

Small banks and credit unions focused on farm/agriculture tend to be the most aggressive with land/lot loans.

Depending on the lender and program your biggest hurdles might be credit score and income and time in job. 

When we removed some of the wall we found that there was damage to the wood.