Since you won't be able to recognize it as a valid rental if you're charging under market rent and you also expect to be covering any house expenses that are outside of her budget, this seems the best choice. 

@Gil CanfuBased on my experience working with over 400 investors, investing in a single-family home in Dallas with a $300K budget is a smart move due to the area's strong rental demand and appreciation potential.

I can see why you want to invest out of state if that is your budget. 

My budget will be around $200k but I’m meeting with a lender on Tuesday to go over all of my options.

I’m from the NYC area, but the prices here are out of my budget. 

@Logan RheaReasonable budget for a cosmetic only renovation of that size.

We are able to get great incentives and the ability to own an investment property that take a very light maintenance budget for the first few years is a huge plus.  

I would slow down and think about your BUDGET, what you can get for $30k, and how you can increase your income.

I figured this could possibly put me in a good position for a cash-out refinance when I’m ready to move on to a second property.If I stick within my budget, Philadelphia seems to offer the most housing availability, but I’m concerned about most houses available being in rougher neighborhoods.

That property looks fantastic actually, I think sorting out the budget would be our biggest challenge.