My friend and I are planning to buy an investment property (My second his first).

The second argument is that sellers often have no idea what they’re getting themselves into; that is liability, in a subject to transaction.

Whenever someone contradicts themselves in the first 30 seconds of a video, it makes me question everything they say after that. 

Reason why is because FDIC Bankers "Do Not" charge points on traditional programs like primary homes, standard investment purchase and refinance, Second home/vacation homes.Lenders, Brokers all charge points to meet their Loan officer compensation plan (commission).

It only takes about 30 seconds to look this up.I highly recommend verifying this information yourself rather than relying on the seller, broker, or anyone else.

The appeal of having a second source of income is very appealing and I would like to be able to build wealth outside of my W2 job. 

However, I've always thought of the state of Iowa as home first and the investment potential second. 

Your second point of most of the price appreciation is gone, I think is just off base. 

I just need to see how to turn rental property into a second property. 

I grew up in the real estate industry watching my father raise money with a PPM for large multifamily value add projects and a developments.