I don't remember the exact cost when I did it but I remember thinking it was cheaper than expected.I didn't see a comment mentioning that you should just include utilities in the rent and increase it based off that so I'll be that guy.

I'm just not seeing any strategy that can offset to any significant degree, the depreciating nature of either asset.  

The secondary goal is to increase rental income down the road.

If so, you will need to apply for a change of number of bedrooms on the standard CHA rent increase form.

In most markets it is not a linear price increase.  

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

My professional background is data science / analytics, which means analyzing cash flows will probably come more naturally than building relationships, which apparently, is how one finds deals worth making.Are there meetups in these areas I should attend (digitally at first, presumably)? 

Given his spending habits during his first term, it might be a wash.Costs to build new properties will probably increase.

What the investor will have is a long term appreciating asset; that will provide an increasing cash flow as rental rates increase, and steady amortization as the note is paid down.  

Somewhere long before 10 years, the higher cost market is likely to have the better cash flow and that will in general increase each subsequent year.