@Steven Mendiola I would avoid doing any major construction on your first houses hack.

This would obviously be contingent on a thorough inspection.Asking price: 1075000Annual Rent: 139kVacancy reported: 5%Insurance: 5900Maintenance: 10kTaxes: 4kUtilities: 15,600_____________________________Total Expense: 35500working on financing this week but I understand I'd be at around 6.5%My biggest concern is DOM and major repairs needed. 

HNW and family office are major sources of capital for syndicates.  

Consequently, we do our best to bring in organic leads through our web and social media efforts. 

I have seen investors see major success in the Section 8 markets. 

We never graduated to 506C.I think the vast majority of syndicators start out with 506Bs, easier to raise from when you have little to no credibility. 

I'm using Furnished Finders (and Airbnb) but the majority of FF leads are for 1 bedroom vs whole house.

Those major cities that you mentioned are fantastic options and have TONS of potential tenants/students, but their barrier of entry is much higher than traditional "college towns" like Lubbock or College Station.

Although we didn’t complete major renovations, Partner Driven added value by ensuring the property was in optimal condition for a quick resale.

Someone more experienced may chime in, but my impression is that at a certain point, you're putting less in reserve for expenses/maintenance because you've already got a chunk of cash stuffed away, and the likelihood of "all" or even a high percentage of properties having major repairs all at the same time is much lower than one or two lower end properties while we're starting out.