We run into this especially at out parcels in grocery anchored centers, and our users generally can't make a ground lease work for the business case so the next best thing does tend to be the BTS or we often do Reverse BTS deals where the majority of the building design and management etc is done by the tenant. 

That's not to say these items shouldn't be fixed but they are repairs that beginner investors tend to not realize isn't adding that much to the ARV.

They will let you know what you can and can't do without a permit and what you are able to do yourself within the scopes of those permits.My concern is because this is a rental, if you do anything that is not to code and the tenant reports it, you will likely have some much bigger issues to deal with.Given you note this is major rehab, I tend to lean to hire most, if not all, out. 

A lot of people tend to mingle these things when they talk about "break even" or "cap rate", but that leads to a lot of confusion.Let's use some real numbers which may be easier to understand. 

I'm tending towards Tulsa cuz OKC seems more tornado prone and Tulsa more artsy.

They tend to be more stable than retail right now.

I tell people to start by picking a strategy (OOS long term, OOS short term rental, fix and flip, etc) THEN pick a market and submarket THEN look for good tools/people, doing it any other order tends to be an exercise in futility. 

Great points, ZharaBirmingham has relatively steady and diverse rental demand, and I’ve seen many investors I work with have success with C/B class buy-and-holds.Location is key—areas near UAB, major employers, and popular suburbs tend to have the strongest rental demand, while C/D class markets offer solid affordable housing and Section 8 opportunities.

**As investors, you are closest to the consumer (home buyers/renters), so you tend to absorb costs and reduced profits from unexpected spikes in expenses that wholesalers or contractors pass on to you!

If the only MFH options you're finding are in areas you're not comfortable with, it might be worth focusing on a duplex in a better neighborhood.Saving up for a larger property later is a valid approach too, but keep in mind that real estate tends to appreciate over time, and waiting might make it harder to enter the market later.