Been talking about it for years, finally pulled the trigger.

Then I split the remainder with my broker.If we sometimes sound harsh about not wanting to invest a ton of time with a new investor who needs a lot of hand holding, now you know why - and now you also know why about 85% of new real estate licensees are our of the business within 5 years.

Banks don't like that but they usually don't say anything about it, but it could trigger the Due on Sale clause in the mortgage. 

@Tina Jenkins Unless you meet a triggering even, you won't be able to access those funds.

@Tina JenkinsUnless you meet a distribution triggering event, you may not be able to transfer that 401k,  Here are some examples of triggering events:Reaching retirement age.

You have to look at population growth, diversity of employers in the area etc...Other things to consider ... harsh weather is harder on properties.  

How do I ensure that appraisal will be close to $60k before I pull the trigger?

I am getting closer and closer to pulling the trigger on my first investment property and hiring contractors is definitely at the top of my list as biggest worries. 

You could create an LLC for this specific deal and move t he house into that (this will trigger due on sales clause with the bank if there's a mortgage). 

I find that there are plenty of properties where the rents are covering the PITI, millennials and many others just need to pull the trigger.