I am looking forward to your insights and suggestions! 

I suggest 6 months of expenses to keep in cash.

Purchase price: $72,000 Cash invested: $107,600 Case Study: Cockroaches to Cash FlowProperty AcquisitionI found this property through MLS.

I suggest you put money into the deal with labor.

I suggest listening to the BP podcasts and reading through the blogs and books they offer.

Wanted to get some thoughts from more seasoned small multifamily investors on a few items or any other suggestions:- Any specific pros/cons of any particular states in SE (TN, AL, GA, NC, SC) to consider?

Thanks for this suggestion, Jeff.

Honestly if you are doing STR I would suggest doing Austin itself rather than all the way out there in Kyle - maybe a couple of years ago when the prices were through the roof in Austin city itself this would be a good alternative but there is a blip right now where you can get a god entry point in Austin (downtown/east ideally) for STR

Also, the benefits of a cost segregation study can vary based on a multitude of factors.

That is the basic run down, I would suggest syncing up with a real estate knowledge accountant for your specific situation!