I would keep as much liquid as possible and essentially get you to 20% equity or more by renovating the property. 

Honestly, I never fully understood what they meant—until recently.I’ve been diving into some larger-scale real estate projects, specifically in commercial properties and multifamily development.

Eventually, I am looking to possibly expand to larger commercial properties with 5+ units. 

A house that's similar, but 10% larger than another usually isn't worth 10% more.

Additionally, when underwriting deals, you need to account for the general idea that repairs and maintenance will be a larger percentage of your rent, the lower your rental is.  

I am a little weary since I haven't done that before- not sure it would be enough to get me into buying portfolios or larger complexes though.. 

Consider offloading an underperformer, or a high equity property and getting better, larger or more assets.

I would suggest going to independent landlords and staying away from larger apartment complexes.

What I recall from Aaron's deals was it wasn't about finding ever larger seller financed deals, but keeping the old seller as essentially a PML....keeping you from constantly looking for new funding when you already have someone that agreed to fund you essentially. 

We are considering building a small multifamily a couple duplexs, a tri or quad in a small suburb of a larger city (ie Nashville, Knoxville, Atlanta, Ashville).