Go find some of the best older neighborhoods for location, schools, etc.  

Your LOC at 4% over 10 year am. period is $101/mo payment. 3.

My attorney said he needed to hire us as investigators in locating people.

But as far monthly payment you could easily buy a house in a cheaper location have less roommates and the same monthly payment or the same number of roommates and a lower monthly payment.

Our home is located in a great neighborhood, right next to excellent schools, close to several hospitals, and other amenities. 

I could argue that, for the most of us 10 to 20mm is a good stopping point unless you want super yachts, jets, huge mansions or many personal homes in different locations, etc, etc. which most of us will never get to., or need.

As your portfolio starts to increase, you can start creating single-member LLCs where the property is located, and then you can put all these LLCs in a trust.

@Landon Sheveland  don't think your renovations will overcome a bad location. 

I am located in Arizona and have been in manufacturing for 20+ years while my brother is an experienced contractor based in California. 

That entire 78741 zip code is good and has been in high demand historically due to its location.