But the NAHB also reiterated evidence of an ongoing labor shortage, saying, “The ongoing skilled labor shortage in the construction labor market and lingering inflation impacts account for the recent acceleration in wage growth.”For now, the hot market is still rolling.

It's also important to be aware of any deed restrictions or covenants that could impact your intended use of the property.A Personal Anecdote:I once assisted a client in Omaha who purchased a Freddie Mac home intending to convert it into a rental property.

The shorter the prepayment term has an impact on increasing the rate.4.

Especially in light of the new Innova Oakville Triangle Hospital coming this year, and its impactful surrounding developments as well.

Memphis can actually be a great choice for real estate investing, especially for someone with your situation.First off, property prices in Memphis are much more affordable compared to markets like CA, so with $50k, you can actually make a bigger impact.

The credit score of the guarantor will impact the rate- more on that below. 

Do better rehabs.  100% agreed mate,Safety comes in the volume.Something that I've "preached" for many years.It's not worth the time, money or even risk buying 1 or 2 or even 3 properties unless an investor has a growth type mindset and a will to scale to 10+.It's very simple, you own 1 and it goes vacant.That's a 100% impact on your income.You own 10 and 1-2 to go vacant.That's only a 10-20% impact on your income.It's also a very high likelihood that problems will always exist with 1 or 2 properties at any given moment...Plus, such markets (Ohio and Michigan) don't appreciate as much as many others like a Texas and Florida for example.Michigan and Ohio are slow movers and only recently (10+ years later) caught up to some of the other "higher flying" markets from a yearly growth percentage.Much success

Interest rates have no significant impact on our investments.  

Be Patient and Flexible: Market conditions and unexpected challenges can impact your plans.

DSCR will impact your debt to income ratio and it could impact it negatively.Once you get your W2 situation straight, buy a small multi family and live in it for a year.