Or you go north, which makes you a lot more remote, far away from the next Home Depot, and a long drive for everyone, but opens you up the snowmobile and ice fishing season.IMO the most important thing is to buy quality real estate, no matter how you rent it.

I buy value add NNN for cash typically and reposition.

They used to talk about the 2% rule, which was basically a ruse to get you to buy in the absolutely worst part of town where you got 2% on paper and only on paper.

You are missing my point on taxes.Scenario 1:  Your partner buys the house at the same time you put your cash in.  

If you ever have the time and feel comfortable sharing your experiences and tips, I'd be happy to buy you a coffee.

What would you say to the first time investor looking to buy, rehab, rent, and refinance in Dallas?

I work with a ton of new investors as a realtor the #1 way to get started is just find a 2-4 unit in decent shape and buy it low down with conventional financing 5-10% then you can live in it for a year and do another next year.

Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

I live in Charleston, SC, and am looking to buy my first property here this year.

This way I'm aware of the end buyers buy box before I go locking up contracts with sellers.