So, I DON'T trust my ability to determine someone's character based on a few minute casual conversation and I DO trust my ability to manage even difficult tenants. 

Thankfully I picked the right sponsor LOL.

The 50% rule - in my opinion- is used solely as a quick back of napkin calculation to determine if it is worthwhile to do more investigating of a property. 

Pick one that is improving, homes being renovated and flipped, vacant storefronts being turned into cool coffee shops etc.Good luck.

Quote from @Jemini Leckie: Hello, I am trying to understand the Orem, city code to determine if I am allowed to rent my basement ADU that I currently live in two a couple cousins and their friend.

Not sure where you picked that up from, but it's not correct.  

That will be a determining factor for where it makes sense for you to purchase.Regarding waiting - bear in mind a lot of people were predicting rates in 2024 would be in 5% range or low 6s, which didn't turn out to be the case.

I always look at the exit strategy for the property to determine which kind of Creative Finance I would use.

This will give you a great starting point in determining rent for your underwriting! 

Determine if the area can support new construction.