Rental rates here tend to vary sharply between neighborhoods and change rapidly (especially these days).

Even if you intend to use the pay for rapid principle pay down, be sure to account for it.  

@Logan LeCompte My wife and I did a BRRR last spring in the northern suburbs (Coon Rapids).

Depending on your budget the central part of the county, Millsboro in particular is growing rapidly, rentals are in high demand and will garner higher rents. 

Unless you really enjoy the face to face aspect, one does not need to be local to their CPA - many of us work remotely with investors from all over the country from mom and pop investors to large syndications.Likely many of your questions should be answered at the drop of a hat by the accountants here on BP as we all live and breathe real estate taxation, or it is something they can get you an exact answer rapidly if it truly is on the messier side.Best of luck in your search!

But it all depends on the deal, how fast you can finish renovations, find a buyer, & close.If you’re just looking for long term wealth, then you could do a BRRRR, buy another property and continue on that path.With $40K you could even invest passively in multifamily syndications, and over a 3-5 year period get over 100% of your money back on average.Now every deal is very specific to market conditions & the operator of the deal, but nonetheless, syndication is an easy way to build wealth.With everything going on right now in the economy, I would be weary of jumping right into real estate without first having a SOLID foundation of knowledge in how to accomplish these investments.Things are changing rapidly in the real estate world, and if you aren’t prepared, then you’ll be washed out and broke in no time.You’re welcome to check out our website which explains everything you need to know about multifamily syndications and the market.All in all, if I were you, I would do some more research on whatever method you choose and then become the expert in that niche and your local market before jumping into anything and spending $40K.

I would look in areas near UNLV, the Raider's stadium and anywhere in Henderson (rapidly growing).

This is a rapidly gentrifying neighborhood so I thought I might build on the lot one day.

You have now increased the value of the property with out changing the revenues because of the potential future revenue increases that are now possible.Example 2You have a 10 unit retail property with an average life of lease at 6 years in an area that is rapidly redeveloping. 

Even if a neighborhood is rapidly appreciating, your house is not going to go up that much in the few months it takes you to rehab it.