If you were looking at Chapel Hill and could conceivably have purchased a prop there, my guess is you have enough capital/financing to purchase at least two properties in a more lucrative market.

We did that for a year, I worked tons of overtime, and with that we were able to buy a couple more properties and then look to getting our "real" home that we live in today.I found that getting rid of all of the pre-conceived notions of "I've earned this lifestyle" was what allowed me to really focus, and that made it even juicier when we bought our new primary... it wasn't a small step up, it was like flying to the moon!

If the area is great you could conceivably start selling off some of the condos, use that revenue to pay down your debt, retain enough to control the HOA, and have a small set of debt-free condos at the end of it.  

I'd be open to buying a 1BR, but conceivably return on a 2BR is higher, which might put you in the $600-700k range.

Whatever the mind can conceive and believe it will achieve."  

They are not at a age to begin risking their savings on investing in real estate.The market turn could conceivably wipe out their savings and situations could arise with tenants that would force them into bankruptcy.

We did an all cash offer and split it 50/50. between the 2 of us, we were able to finance the whole project. assuming we sell soon, we're going to roll the money into the next property and after that one, assuming the results are near expected, we can conceivably start doing 2 rehabs at a time.

It is very conceivable that you could be interpreted as "creating inventory" that is substantially different from the real estate you have been holding for productive use.  

You could, conceivably, buy another house for $167,500 and the VA guaranty would be 25% or $41,875.

Broadly conceived, income from all sources derived is taxable unless the income is otherwise demonstrated to not be subject to tax.