(BTW, that agreed on price should be the main data point in value).Even in a commercial appraisal, applying a cap rate to determine value, +- a quarter percent, which is a perfectly reasonable delta amount, will swing those values dramatically.Like BPOs, appraisals also use terrible comps many times, especially when they are doing so blind with no set sales price set to achieve.

Mainly just curious.You can for sure cut off their utilities and let them put them in their own name....but would that mean they are now picking up your electric?

The main reason that I want to start this journey is financial freedom, I know its takes time for it but I see this as an opportunity for that dream of quitting my 9 to 5 job.

Property has a main Scandinavian style cottage with ADU .

The main reason is because local governments are getting quite aggressive trying to shut down STRs and creating new taxes etc for them.

Mainly for travel nurses but for anyone looking for the same kind of rental.

East Cleveland, Slavic Village, and South Collinwood are the main ones.

So this post is to be mainly geared toward to help set expectations for out-of-state investors, and I'm hoping for some solid contributions from people who are actively (or recently) involved in successful acquisition/disposition of smaller MF in the Charlotte MSA (broker, owner, lender.. etc). 

The monthly rent would likely be lower, but the entry costs and potential regulatory hurdles might also be less.Here are my main considerations:Rental Income: Higher in Berkeley ($2k/month) vs. potentially lower in the Midwest.Appreciation: Likely higher in Berkeley.Management: Easier to manage the ADU since it's close to home, but more regulatory headaches.Diversification and Simplicity: Potentially less hassle with a property in the Midwest.Given these factors, what would you recommend?

Varies depending on the size of the rehab, how long it will take, etc, but those are my main rules of thumb.