The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Renting out technically may not be legal for this property. 

Quote from @Louis Hamilton: The property is worth around 800,000 and has no mortgage on it.

I'm a property manager, and I also buy/sell property.

Additionally, many deals tend to fly under the radar, so networking within organizations like NARPM (National Association of Residential Property Managers) can help uncover opportunities.If anyone reading this is considering selling their property management company in Texas, feel free to share—I’m genuinely interested in connecting.

I have a client that lives in Hawaii but owns a property in DC area.

I have a rental property I put on the market for rent, do you guys have or know where to get a yearly lease agreement I can use in Phoenix, AZ? 

A more realistic expectation is 24 hours which will ensure we can arrange any repairs or corrections with a team, handle it in person, etc. be curious how this plays out as I worked for local developer for a while and developed several properties in Alexandria (Specifically old town) and while the city is challenging like any city - they were mostly realistic.

It's the cash you put in that's your cost for the property. 

Just because the property can close in an LLC with a DSCR loan, does not mean the loan is made to an entity.