The thing that you have to remember is that the path of progress and a neighborhood "turning over" moves at a glacial pace.

Of those two, I actually like the first one better because you have a competitive advantage to that market and the amenities you could provide.

as mentioned the most common way is you do a cash out refinance to buy an ex out of a property.

.: Quote from @Alan Asriants: Hey Carlos, all depends on your lot size, what kind of unit you can build there and the rental return you can get. 

Many of those items are desirable by all guests, so I'm not convinced that you have to dial it in to one category at the expense of others.

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

However, you must have reasonable limits and hold to them.I give a great example in my book where a tenant abandoned a 2,000-square-foot home full of nice furniture, expensive jewelry, a brand-new $2,000 rifle still in the box, etc.

If an LLC has only one member and elects to pay taxes as a sole proprietor then it is a disregarded entity. 

I can handle about 80% of the work for a property flip.

With no mortgage on the property, you have significantly less risk in the event of a downturn.