The investment I sold was in Royal Oak, MI, which is a very hot market right now.  

OUCH - - IMO this generates an immediate conflict of interestAs previously noted, an RE license is hotly debated on BP. 

Depending on your market, if it is hot and there are many investors looking to buy up homes cash is the way to go.

In this hot market, I see people flipping and happy to get a 10% IRR.

It's difficult for me to believe that even in a hot market, there are no deals available.

Hi Janessa, deals can be tricky to find in this hot market but they are out there.

Of course, being near Nashville is great for people who love a city with a unique identity, innovation and entrepreneurship, culture, music, food, art, nature, etc, etc.It's more challenging to find good deals in the city now, as it has been a really hot market, but there are still deals to be found a little farther out.Congrats on taking bold steps to improve your life!

The lower priced fix and flips are definitely hot commodities in most major markets if the location is decent.  

Once you own a rental you must kepp it habital for the tenant, meaning always having working furnance, hot water, a roof over their head, etc...A down payment for onwer carry is whatever you can negoiate.

In a  hot market for rental, I would consider not applying the vacancy rate when buying, but we have a plethora of rental housing coming online soon or already have competing with each other in this market, so I'm trying to be conservative when buying.