@Kris Lou Be careful with agents as 95%+ of them really only know how to handle owner-occupied transactions.We don't do biz in Indianapolis, so this is unbiased info we hope you find useful: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?

If you need any help running those numbers or figuring out your options, don’t hesitate to reach out!

I was able to figure out that they had come upon some hard times and were significantly low on cash.

In your situation I would keep this cash cow and figure out the best way to pull out a little of the equity to buy the next deal.

BRRRR is tough, more difficult than advertised, definitely still a viable strategy, just not a 'cash flow' strategy.Yeah I didn't figure it for cashflow, but more of a piecework operation for profit and redeploying ARV equity with some alternative uses for renting if desired.

Just for going forward be more diligent with vetting.The fact you're open to this constructive criticism tells me you'll figure this out.

We looked at a couple different options as far as % downpayment and I figured I would refinance in the near future to help the payment get down lower.

There's a word for that - I'll let you figure it out.

Now, you need to figure out how to find deals and pay for them.

Also, the tax benefits you expect might be over-hyped: https://www.biggerpockets.com/forums/51/topics/1075919-five-...Figuring our whether there is a useful tax strategy in your situation would take a one-on-one consultation with an experienced tax strategist, and here is how to find one: https://www.biggerpockets.com/forums/51/topics/1222774-expla...