If you plan to keep it, I suggest planting fruit or nut bearing trees on it or timber.

Full disclosure, I'm licensed myself)To create a legal / authorized suite is simply addressing a laundry basket of safety items such as:- fire separation between living units (typically amounts to thicker drywall, fire doors, etc..)- interconnected smoke detectors- bedroom windows- proper plumbing ventilation- separate controllable heat sources- access to electrical panel controlling suite for tenantetc..One thing that I do NOT like about the new bylaws is that work must be outsourced to a licensed contractor.

The market will need to correct itself and the low hanging fruit is certainly over-saturated markets.

I wouldn't put all the eggs in one basket by paying cash, nor would I put all the eggs in 5 baskets right off the bat.You might find you don't care for STRs.

But given the heightened competition I'm branching out into auction to find deals this year... and it appears to be bearing some fruit as long as this home is not a complete train wreck when I finally get to see it.

Also, do you want all of your eggs in one basket or do you want to diversify your risk?

That would offer the added benefit of not having all of your eggs in one "basket" (i.e., handyman).Shawn

Physical constraints think SF bay Seattle  etc.. there is not a great amount of area to expand into level easy to develop farm land.many of the rentals you will see will be 50 to 100k in the bread basket and those prices just kind of trundle alongin our markets on the west coast only about 10% of SFR's are rentals.. in many of these other cities this number climbs to 30 to 40% and in some markets over half of the population rents. 

Maybe you don’t put all your eggs in one basket.

I know these are low-hanging fruit areas in the sense that they are cheap to buy but they are cash flowing like $100/mth.