I’d recommend starting with a property that needs little/cosmetic work that can be rented from day one, and preferably has existing tenants.

That being said, there’s nothing wrong with investing in blue collar areas but I prefer to invest in the ones that have a higher degree of owner occupancy because the residents of those areas care about where they live and have deeper roots.  

If you would prefer to do it on your own than that is fine too and you will just have to grind it out and save like crazy but it will be worth it.

Obviously the numbers and location would determine which is the best option for me but these would be my preferred methods. 

Personally I prefer single closing.

We talked about an aggressive paydown at a rate of $5k for the next 6 months to make the deal sweeter for the next person, but renting it would be preferable to that I believe since I can get a higher return on smaller development projects at a burn rate like that. 

If you prefer steady cash flow and lower risk, Ohio is a solid choice.

I have more money than I will ever need and almost every toy I could want.But when I was willing to work harder than I am now, I targeted good value adds.  

Their might be some wiggle room if what is being collected comes in over the market rent however for the most part the market rent would be the preferred guideline and any deviation from that would be up to the lender that you are working with.

If they seem agreeable, then you can ask if they would prefer to cut the cost down the middle or would they prefer to purchase the supplies and you will assume the cost of labor to install it.