Establish your criteria, such as location, spending limit, kind of home, amenities, and possible rental revenue, in order to choose the ideal property.

I'll understand if you choose to move out, although I hope you won't..."

Based on the rental estimates, we would net about $700 a month in surplus income since our mortgage is pretty inexpensive.I'm looking to get any and all opinions as I want to make the correct choice for us and also want to make sure I don't screw anything up if we do decide to choose option 2. 

When it comes to finding a lender for a DSCR loan, does the lender need to be in the same area as my property, or can I choose any lender, and they'll get me the loan out of state? 

Here are some considerations for each option:Option 1: Using the HELOC for a down payment and renovation on a second property to rent:Pros:You can leverage your existing property to acquire another investment property without selling your current home.Rental properties can provide a steady income stream and potential long-term appreciation.You can use the HELOC funds for renovation, which can increase the property value and rental income.Cons:You'll have to manage the property yourself or hire a property manager, which can be time-consuming and add to your expenses.There is a risk of vacancies or unexpected maintenance costs, which could impact your cash flow.You'll have to pay back the HELOC, which will increase your monthly expenses.Option 2: Building a new house in a new community and selling it for a profit:Pros:You can potentially make a significant profit if the market is favorable and the property value increases during the construction period.Building a new house allows you to customize the property and potentially attract more buyers or higher rents.Cons:This strategy involves a higher level of risk, as you're betting on the market to appreciate in a relatively short period.There are many unknowns and potential delays in the construction process, which could impact your timeline and profitability.You'll need to have a good understanding of the local real estate market and construction costs to ensure that your project is profitable.Before choosing either of these strategies, consider the following:Research the local market conditions in Chandler, Arizona, to understand the current demand for rental properties and new construction homes.Consult with a real estate agent or investment advisor who has experience in the local market to get their insights on the best strategy for your situation.Evaluate your financial situation, including your income, expenses, and risk tolerance, to determine if either strategy aligns with your goals and financial capacity.Consider the tax implications of each option, as this can impact your overall profitability.Create a detailed financial plan for each option, including projected income, expenses, and potential risks, to help you make an informed decision.Ultimately, the best strategy for you will depend on your unique situation and goals.

It is a personality type.This is also why when I stay in hotels I choose Hilton properties so I can bypass talking to the front desk and use my phone to check-in and open the door.  

By purchasing smart with an assumable loan, you will have a lower monthly payment that will have a much better chance to be covered by the rent and could also leave you enough room to pay a property manager (if you choose) to take care of the home if/when you are relocated in the future. 

Why do around 90 percent of landlords, even ones with decent houses choose to not comply in getting the CoC?

If it doesn't go up for awhile, that's fine as you have many years to choose from for the purchase. 

I make curtains a tenant responsibility so there's no cleaning/cost involved and the Tenant can choose their own colors and decorate the bathroom a little.