You don't have to answer that, nor can you because it's subjective, but the point I'm trying to make is that they may not view it as a great deal as it currently exists.

Quote from @William Dorrough: I currently either purchase and value add large scale multifamily properties or develop, and build ground up my issue with scaling is we have done this without brining in investors i have a great deal flow with a good track record im really looking to do more i have the capacity but have the need for more capital in one way or another  Scaling without investors can be tough, especially in multifamily.

Sub to us a bigger deal than most people realize.

Currently there is plastic sheeting covering the hole in the ceiling, about 4'x4'. 

Many of these lenders allowing 2nds behind them are more expensive capital (10's - 13's in our current market [high rates - but now showing signs of coming down]).

possible big upside for the current SAFE agreement holders.Brentwood.com is a current investor in Lazy Dogs LLC and wants to take it public in a few years. options usually are good for 10 years and at a current Valuation IPOs can go !

Quote from @Nicholas Klaene: Hello,I'm currently looking to buy my first rental.

But occasionally we have issues and tenants need to be asked to leave or just decide to disappear in the middle of winter and it sucks.The worst part is I find the quality of tenant interested or willing to move this time of year isn't the greatest either - often times there is a reason they have to move right now since most landlords don't like ending leases this time of year.Either lower your rent or just hang in there.

Then they could move back into their current home.  

@Shayan Sameer,The really brief answer is that most of TN is pretty affordable apart from Nashville, which is an expensive, supply-constrained metro.The median home price in Chattanooga, for example, is about $300,000, which is a little above your $200,000 budget.