I don't think your first property needs to be perfect, but doing the work in advance gives you the possibility of refi (in a good rate environment) or more equity on a HELOC.

Any other info that can support your price...school rankings, city rankings, positive news articles etc. 

Some have more than $1 million in equity while others have less.4.

You can put first position liens on much better quality real estate than the real estate you would be buying and can easily generate the rate of return you are seeking between points and interest payments. 

Georgia Amendment 1, which authorizes the General Assembly to implement a statewide homestead property tax exemption, has far-reaching implications for both current homeowners and the broader real estate market.Short-Term Positive Impacts for HomeownersThe primary benefit of Amendment 1 is the cap it places on the annual increase in a home’s assessed value, limiting it to the statewide inflation rate.

You're gaining equity.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Strong agreements that protect your position in the deal, and recording a Memorandum of Option with the county will go a long way to protecting your interest. 

I'm in a position I've never been in before.  

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