The bill would exempt nonprofit organizations and other entities primarily engaged in the construction or rehabilitation of housing from the definition of “investment entity.”I'm curious on what everyone's thoughts are on this.

We look forward to engaging and learning from all of you.  

Unless you're able to save to double your downpayment to $100k plus it might make sense just to engage in these markets you outlined and see what's available that fits your criteria.

Forget just the 10% & lease fee you're losing, you're taking liability now engaging with the tenants.

Focus on performing your day to day operations in a manner that will reduce the risk of claims in the first places such as hiring reputable service providers, sign contracts each time you engage a 3rd party vendor & collect insurance certificates where you are listed as additional insured from everyone who performs work on a property you own or provides a service related to a property you own.

I feel uncomfortable asking to walk the property with a contractor because I don't have an established relationship with a contractor, am not confident the deal will pencil without the rehab estimate, and would need the owner to approve the walkthrough even though some units are occupied. 3.

P.S I got both the properties from builder's lender at around 6% for 30 YR fixed and will be planning for Cash out refinance on 1st property to get 70-80% of my down payment money back and invest those in getting more properties.For new construction, I am pretty much confident with my previous experiences and will be a smooth ride for me.

Ronald, thank you for staying engaged in this conversation and offering your input. 

You can learn a ton through social media and then once you have nailed down who would be the best fit to join up with, you can drop that much money in confidence.

Welcome to BP @Jonny Baltes, we noticed you aren’t a Pro member at this time and we would love to offer you a 20% off discount to start taking action in investing with confidence!