The house will need a new fence soon, so I'll have to factor that into the scenario.I'm not sure which choice is the best option for me.

It's really hard to predict where regulation will go and it is indeed one of the risk factors for all investments.

It depends on a lot of factors; primarily the local jurisdiction rules that may limit lease changes (in Portland/Oregon rent, security deposit, screening fees, an no-cause evictions are heavily regulated).

That will be a determining factor for where it makes sense for you to purchase.Regarding waiting - bear in mind a lot of people were predicting rates in 2024 would be in 5% range or low 6s, which didn't turn out to be the case.

All important factors to consider- population growth or decline, job growth or decline, inventory rate and movement- is is a seller's market getting stronger or softer or a buyer's market getting stronger or softer?

The discipline to run on a budget for a number of years or decades depending on your math, doesn't factor in emergencies or market changes where the HELOC could be used to invest in other places.

Maintenance costs are a huge factor in the profitability, or not of any investment property. 

Having all Section 8 tenants may cause you to have a higher cap rate on your exit due to a higher headache factor surrounding Section 8.

I retired from ortho in less than 10 years bc of solid investments but he will be forever the loser DB with a garbage reputation peddling info you can easily find on your own. 

Try to be positive and understanding since there were lots of factors that led to delays.