Depending upon what the zoning would allow, do a deep dive into the surrounding area and examine what would be competing properties.

The penalty and tax will remain, but there may be other offsetting tax benefits in other areas that will help lower your overall tax bill.Your expenses to fix up the house can either be an immediate expense or a depreciating asset, depending on the facts and circumstances surrounding your "in use" date. 

This information was helpful and I am looking into the details surrounding the refi.

Sounds like wherever I end up, almost regardless of the evaluation criteria at the state level, I can find success in a surrounding market, which will benefit me in a big way to be somewhat local to my investment market. 

Hello BP Members,Financing is lined up, so I'm looking to expand my team of professionals.As listed, I need wholesalers, contractors, and investor friendly RE Agents alike in the following areas.SarasotaBradentonSaint PetersburgTampaPossibly other surrounding areas, but the ones above are my immediate focus.Thank you for reading, and I look forward to speaking with you.

I live in Oakland, IA and am looking to invest in omaha, ne and southwest iowa and surrounding areas.

You need to do some digging if the city plans on improving infrastructure and growing..

With this said, it's looking less and less possible to go the FHA route and have the following possible conclusions:Multifamily property values are reaching their peek (at least in my prospective markets; surrounding the Chicago MSA)Investment properties on the MLS suck (lack of a better word)Finding a property that works via FHA route is a diamond in the roughOverall, what do you guys think or recommend?

You keep it for the time specified in your state landlord regulations surrounding "abandoned property".

I’d definitely visit the city and surrounding towns to get a real feel for the market.