@Thomas Farrellmiscellaneous reactions-BRRRRs won't produce cash flow - they're an equity strategy, not a cash flow strategy-OOS BRRRR on your first deal will be incredibly difficult. 

Just document the current condition before the cleanup process and follow any other local law or procedure that is in your municipality. 

Real estate is basically an income producing and or capital gain producing investment.  

Get some policies and procedures in place.

Hard to produce cash flow or break even with that much debt, at that rate.House-hackers, however enjoy certain one time (non-scalable) advantages that should be taken advantage of in the early days: - They can assume pre-existing debt like VA and FHA Loans (rather than take it on Subject-To which is dramatically riskier).- They can rent by the room and self-manage to produce day 1 cash flow.- Many of these HCOL areas also have strict limitations on AirBnB or short-term rentals... that do not apply to owner-occupants - thus allowing for extreme cashflow potential for house-hackers.

China as a low cost producer is past- they have aged and standard of living out.  

Did you lie to the mortgage co and produce a “bogus” lease in order to obtain financing?  

Be extra careful with your policies and procedures in regards to Fair Housing protected classes! 

There’s no real reason to jump into another market unless your goals shift and your current market doesn’t fit anymore—or if the market itself stops producing the results you need.Mastering one market and squeezing every opportunity out of it is a much better play than spreading yourself too thin and getting half-baked results in multiple places.

But when it comes to choosing or creating investments that will produce a return along with personal fulfillment or enjoyment, then I say it definitely matters what you invest in and where you invest.