Quote from @Randy Achi: This is where a mentor would come into play big for you!

I’ve been in a similar situation, and I think the idea of buying in lower-cost areas to renovate and rent out is a great play.

Quote from @Gerald Wallace: I'm playing Devil's advocate and running your numbers through the worst-case scenario.

We are under contract on another right now, but it's an appreciation play.

Wouldn't the equity I have play a factor in this?

Playing an appreciation game can be risky.

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I knew it was a long term play as well, and wasn't looking for something immediate with them.

Maybe play dumb a little "I don't know if I'm in the right place..."

The smart play would be to build a two story wood frame structure on top of piers or concrete block in most cases. 35 feet is a pretty typical height limit in most neighborhoods, so depending on elevation you SHOULD be able to build two stories on top of the elevated foundation.