It sounds like you've gotten some solid direction above, but a few flags stood out to me in the above discussions and I wanted to point them out to help make your decision.- You mentioned this sale is tax free 121 exclusion, which is great, and seems like a solid start to your goal.- The townhouse you're moving into is currently a rental, but you plan to live there two years for the 121 exclusion.

With careful planning and local insights, Richmond can be a solid addition to your investment portfolio.Good luck!

When it comes to repairs, I recommend talking to contractors who can walk through the property for you and give you a solid estimate.

Here are a few strategies to consider for funding a down payment:Partnering: Like Gregory mentioned, finding a partner who can contribute to the down payment in exchange for equity or a profit share is a solid option.HELOC or Cash-Out Refi: If you have equity in your home or another property, a home equity line of credit (HELOC) or cash-out refinance can provide the funds you need.Private Money: Reach out to friends, family, or private investors who may be interested in lending you the down payment with a promissory note.Seller Second: In some cases, the seller might agree to finance a portion of the down payment as a second mortgage.Live Frugally and Save: It takes time, but reducing expenses and setting aside funds from your income is a tried-and-true method.The right approach depends on your situation and deal structure, but a mix of creativity and resourcefulness can go a long way.

I just don't want to start working with a realtor and waste time and end up with no real solid prospects for buying.

Yeah they have a good reputation so far and Vincent is solid.

This helps minimize upfront work and risk, and rental prices are appreciating.The key is investing in a growing market with strong neighborhoods and building a solid team.

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Peter Lohmann’s newsletter is a solid source for staying on top of national trends; I’d recommend subscribing if you haven’t already.In Texas, I’ve noticed increased activity, especially in the Dallas-Fort Worth area.

It’s one of the strongest cash flow markets in the country, with relatively low property prices and solid rental demand.