The tax benefits refer to the tax deductions from mortgage interest and property tax.The returns mainly rely on appreciation, and the cash flow only improves in the last few years, also depending on securing the 5% refinance rate.I've learned a lot from this forum, but as I start to operate on my own, I'm still not completely confident.

With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

If you're confident you can find better cash-flowing deals or scale your portfolio with leverage, it could make more sense to reinvest rather than pay off the loan.

I am still pretty new to the area but I am ready to jump in and start investing in multi-families in the Albany and surrounding areas.  Since this is something that is best done with a team of experts that know a lot ...

These steps can help you secure financing and confidently move forward with your first property.Good luck!

.* logistics of maintaining out-of-state property and tenants* having time to research enough about this while moving across the country to be confident in your decisions and planning* having time to research other opportunities, what could be done with the money if you soldReason I bring up the emotional stuff because yeah property is a hassle, but there may be another vision that lets you get everything or most of what you want, with a little bit less hassle, or hassle in a way that bothers you less.

As far as whether to approach them with or without an agent - approaching them directly without an agent can save the seller probably 2.5-3% of fees, which give you some room to negotiate on the price, but you need to be confident that you are capable of evaluating the property value, estimating on the amount of work that is needed, knowing how to negotiate/ structure the deal, and navigating the closing process.

On a positive note we did build a new house to the specifications of a specific tenant. 

Yeah, that could be a good idea if you're confident you can pay it off quick.

For example how do you identify with confidence that your market attracts more professionals vs. families vs. bachelor/bachelorette parties, etc. and therefore how you'd know which amenities to offer?