Or more specifically, surrounding suburbs with good schools like Lafayette?Is Oakland not comparable to these suburbs?What licenses does the contractor need? Could I use workers from out of state? Does everything have...

If you happen to benefit from more depreciation on your 2020 tax return (which is impossible to predict without having your complete 2020 income and expenses for this property) - then you'd need to get professional help analyzing your detailed spreadsheets to maximize depreciation.

@Rohan Gangar I hear you, I am also a new investor here in DFW, from the year that I have been in this (couple of properties already):- It is almost impossible to get the 1% rule from MLS here- I needed to work with wholesalers, who are useful but their numbers can be off some (or many times)- I understand appreciation and the fact that this is for the long run, and building equity and wealth... but for the cash flow, it is very difficult as TAXES DEVOUR your cash flow... having said that, Dallas and Texas and always up on many lists for investment properties 2 to job growth and stability and appreciation....- I wonder if going and investing in OKC would be a better strategy, Oklahoma is also up in many lists for investment properties and taxes are way lower, although job growth may not be as robust as here.

Start collecting it, because getting a mortgage is going to be almost impossible at your age.

In general it's difficult, if not impossible, to qualify for any sort of traditional investment loans in the situation that you're describing.

The environment is extremely unfriendly to business owners and proposed legislation will make it impossible for landlords . 

If your under 100K it’s going to be difficult to refinance, but not impossible.  

Nothing is impossible and if you get good at finding deals it could happen: but getting a fixer with an FHA loan 100k to $150k + below market value at the purchase is not the easiest of tasks. 

The EIDL might be used for payroll expenses or maintenance expenses, especially if rents collapse after unemployment runs out.If you do accept the EIDL, I’m concerned that (outside of this loan), it may be difficult or impossible to obtain financing while there is a UCC lien on your business.Let me know what else you find out.

He proceeds to tell me about how impossible it is too get a loan and his way is the best option for me but IF I can get it, the price is 60000.