I was contemplating this approach because I am very familiar with the rental property area as many of my friends have lived there and I visited that area many times since I graduated (I still live in that city).I understand it's difficult to analyze a situation given limited info but is there any obvious downside you see in my approach (e.g. need to take out two mortgages?)

So I've been contemplating getting my license in Texas.

This will allow us time to build a history with our LLC and have a solid foundation to jump into larger commercial deals.Questions:I am still contemplating the best term structure for my parents loan. 

As a compromise, I'm contemplating a refi as well, but instead to use the lower rate to pull $ out of my primary to invest. 

Hello All,I am new to BP as I have just started contemplating the idea of real estate investing.

Matter of fact, the house that I'm contemplating buying is the house that I'm renting itself along with 3 other roommates (2 tenants and the landlord himself). 

There are programs that are national in scope that contemplate the neighborhood (i.e. compares Minneapolis with other Minneapolis locations) for the purpose of underwriting, but still should be less than what you are currently paying. 

@Jared Smith I have contemplated all of this as well.

So i have been contemplating doing house hacking and purchasing another property that is larger, so i can have extra space to rent a room or 2 out to try out house hacking to further my investing in real estate.

@Karl Kauper If you want to keep it local here are a few options for you in the $200k price range (If you could provide more details on what you're looking for the answers may change a bit)Trenton/Camden NJ- There seems to be a lot of opportunity there but the real $ will come when the areas are further into the revitalization processNewburgh NY- Theres a lot of speculation on when Newburgh will actually "Happen" and become the next (insert up and coming city here) but I have a friend up there that invested about the same amount that you are contemplating and he appears to be doing wellPhiladelphia (Philadelphia outskirts)- Heres another area where people are doing well with a similar budget taxes and laws are very investor friendly as well.If you are looking to use $200k as a downpayment to buy something larger in hope of reaching scale faster then the conversation looks different, Lastly be creative with the budget and explore other options short term rentals and single families are just a few often over looked ways to build your portfolio and to start to collect cashflow