Personally, I'd pick a tenant friendly state and choose states that don't have barriers to entry (insurance, financing, weather, etc).

The beauty here is you don't have to necessarily choose which strategy you are embarking on for the first process of these strategies (buying a property in need of rehab and doing the renovations) - the best investors typically will have multiple exit strategies and can make unemotional decisions once the property is completed whichever way the numbers point to (flipping or keeping and renting/refinancing i.e.

If you choose to use them let me know how it goes.

If you choose to spend them in paying down the loan, that is up to you. 

Let a future buyer deal with the mini split an electrical panel upgrade if they choose too.   

Then in about 2012 or 2013 or so when the bust was still going on, warrentbuffet was asked what he would invest his own money in if he could choose anything at all - and he said sfh's. 

Choose Your Real Estate StrategyRental Properties: Purchase properties to rent out for consistent monthly income.Fix and Flip: Buy distressed properties, renovate them, and sell at a profit.Wholesale: Contract properties and sell the rights to buy them to other investors.Real Estate Investment Trusts (REITs): Invest in publicly traded REITs for passive income without direct property ownership.5.

It came down to ease of use because I spent more time in AF for my job.If you had to choose between Buildium and Rentec, which one would you choose?

Compare rates, fees, and customer service when choosing a lender.

This takes a little more work, but it's the fairest and reduces the likelihood of tenants that squander utilities.If you choose #2 or #3, there are considerations:Start with an average.