If we decide to refi in 3-5 years, though, we may time a couple of the leases to end at the same time and spend ~$6k to tear 2 rooms down and rebuild them.

I currently have 29 SFR now and glad I decided to use the equity sitting there doing nothing for me 7 or 8 years ago vs having only two paid off homes cash flowing me much less.

You need to make sure that your property is easily financeable if you decide to sell it in the future and any future buyer can call out non-permitted items and actually report you to the building department or, at a minimum, ask for seller concessions.

I recently opened up my SDIRA thru Equity Trust and am trying to decide which direction makes the most sense for me; purchasing a fix & flip property through it or dedicating the funds for PML to other investors.  

Seller reluctantly decides to sell with me after weeks of negotiating commission and asking price.

I now am looking all over the country, thinking of trying to find a duplex that’s has land where i can add more units in the future, or just a small apartment building, honestly I dont know at the moment just wanted some feedback from people who know more than me Hi Jadan, I was in the same shoes when I was priced out of where I lived (Portland OR) so I decided to move to Columbus OH.

How did you decide which neighborhood/street/zip code to start with?

Memphis was an option on our list before we decided to try Midwest first.

How certain of the appreciation are you would also play into that question.Run some scenarios on what you could do with the extra cash vs what you stand to gain from the appreciation play and decide based on that and your goals.

If you do that and you decide later that it was the right property, it might still be available or you'll probably be able to find another one that's as good or better.