Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object.

.: @Kyle Collinshello. are you able and willing to travel to AL to build a network, look at properties, and get a team set up? 

I’m not set on anything so far, so I’d appreciate any advice you have on getting in the game!

If the goal is replacing income, cash will allow you to get a better deal on the buy, cash flow from day one, and you can still set capital aside for improvements/capex. 

Under $150, easy to install and use, tenant can set their own code but landlord can retain the master and always have access, tenant can't lock themselves out, standard key for emergency backup, batteries last a couple years, etc.

Costs may disqualify the opportunity even though in theory it can be converted.I believe its important to set expectations and if this is an 8 bedroom RSA5 home just as an example you very well could be looking at a building that's obsolete and again even if it is RM1, depending on the costs of the conversion, still potentially obsolete.

Just keep in mind, the costs of setting up and maintaining an LLC and the bank account that goes with it, not exorbitant but important to consider.I'm not a CPA or an attorney, but I would suggest taking the time to diligently put together a trusted team to facilitate your long and successful investment journey!

@Rod Merriweather The local bank’s offer looks like a good move, especially since it helps clear your HELOC, gives you cash, and sets you up for a commercial loan to free up your DTI.

This year, when I listed it for sale, it got multiple offers, and we set a new record high price of $705,000 for ~800 sf.

And also,When I draft the contract for the seller to sign, how far out should I set the closing date on the contract?