I know the buzz is "out of state because it's 'easy'," but I personally wouldn't feel comfortable doing that on my first deal.

1) @Jonathan Klemm can give you solid info on this.2) AC is practically a necessity to get top rents nowadays- especially if you plan to MTR or STR in this building.

The way it is nowadays, it makes perfect sense for a savvy investor to factor that into their calculations of where to buy a property.

Nowadays I find myself thinking more often just how leveraged I want to be

A broker is going to get it on Loopnet/CoStar, MLS, Crexi etc and be able to track inquiries and leads and draw a buzz on the property.

There's a lot of variables to what you're saying but my general consensus is that it's really tough nowadays to keep a renovation within budget unless you know what you're doing/have your own GC 

You'll mostly find them in groups nowadays.

Now they’re buzzed and driving. 

Most people nowadays just over insure and be done with it....

They aren't necessarily refi programs built into the initial acquisition it's just that nowadays a lot of hard money lenders offer long-term products as well.