However, some investors don't mind this strategy if they prefer not to put a lot of liquid in up front and plan to refi out within a few years of closing (which seems to be a great option with the talks of the FED reducing interest rates into 2025).It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

In the spirit of "I've finally resigned myself to the fact that AppFolio has me by the balls and I'm trying to do everything that we can directly in AppFolio" I'm embarking on a journey to set up inventory management in our shop storage racks and managed in AppFolio.

At that point certain neighborhoods could enter a death-spiral, because who wants to buy in a depreciating neighborhood?

With construction costs today, and rental rates in the neighborhoods where most of the properties are location, you usually can't make the numbers work.

However, whatever route you go make sure you hire an independent agent rather than captive so they can shop the entire market for you! 

Main thing for you is: - Have both you and your buddy talk to the same lender and get pre-approved to understand down payment options and what your combined budget would be- Decide how you want title held (joint tenancy or tenants in common) - do a google search on this to see which option is best for you guys- START SHOPPING!

When finding the "right" location for long-term rentals, are there any neighborhoods or areas in Waco that you've found particularly ideal for maximizing rent and safety?

I see this most often, when people go shopping on the national websites chasing rates. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

One closed shop 3 weeks into my program and removed all their online content.