Hey @Brett Baker, generally, any place with a great water view or directly on the water will bring more revenue.Of course profitability will all be based on purchase price and prevailing nightly rates in the area.If you find a cool 2/2 or 3/2 right on the water with a great view for 1.5m or a 2/2 or 3/2 house a block away for 600k, then I would look at the house over the condo.

I''ve only heard of ones existing who work on large constructions projects, not small single family home investment properties.City inspectors will inspect as part of the permit process.

Any of the second tier large cities like Greensboro, Winston Salem, Asheville, Wilmington, and the surrounding areas will have plenty of options.

HOA will eat up a lot of your money. 

So, what is happening today is not as important as what will happen in the foreseeable future.If rents are increasing faster than inflation (I use 5% per year as an average rate), then it may be worth holding the property, since your cash flow will increase as rents rise.However, in your post you stated, "Mortgage rates have kept increasing as well, that's why I put a range on negative cash flow."

If you don't have appreciation capex will wipe out your cash flow. 

I hope you're working on saving up some of your own cash since you will need that to buy more property.

It will teach you so much, has the best financing options, least amount of risk, and will let you know if you want to be in this business or not. 

Don't look for lowest rate, look for lowest cost on fees as you will either refinance out of that loan or sell- the prepay will hit you on the back of the head like a cinderblock wall.

I have a cosigner willing to help, but Im unsure whether they must be in my LLC or can just be a guarantor, has anyone dealt with this before?