But in smart buying, if someone has enough cash to pay cash for a property, they could easily stash a good chunk of that away to cover downed months and still leverage to increase the overall returns on their portfolio.

Install low flow water heads, swap the washer/dryer with High Efficiency models, replace the water heater with a tankless version and lock the temperature at a reasonable level, install smart thermostats that will automatically reduce the heat/cool when it senses no one is home, swap all the lights for LEDs, etc. 

This is a great idea that I think I will incorporate.Your point about a contingency line item is smart, I will need to talk to my lender about that possibility. 

Hey @Brett Riemensnider,A HELOC could be a smart move if you want to tap into your home's equity while keeping it.

CA maybe as high with their EIR requirements that cost 250k to 500k just for the EIR reports.That's a really smart way to go about it. 

I think your demographic might be more hotel people rather than families.I would also still go with smart locks on every door.

Being new I would suggest started with existing builds but building small multifamily in a small town with a rental shortage could be a smart move (someone's gotta do it).

I am looking for some help and advice on whether or not this property seems like a smart first investment. 

I’m considering tapping into this equity to fund future fix-and-flip projects or even purchase another rental property.My questions are:Do you think leveraging the equity in my properties is a smart move for real estate investments?

House Hacking Strategy: Living in one unit while renting out the other(s) is a smart way to offset your mortgage.