Getting the federal return correct is the most important and with owning two properties, there could be some positive tax benefits.

Your EMD should still be with the title company if it was handled correctly.

When used correctly a HELOC allows you to do multiple deals over and over again.

They could only loan 60% ARV (if I remember the % correctly).

These are natural food for Tilapia. 

When you go to sell the property, if you produce a certificate of inspection for the wrong number of units, buyer unless you are giving them a great deal and they will throw caution into the wind, would insist on the correct designations.

How do 5-7 people share food space, kitchenware, cooking time, etc?

I just read this article from Redfin (Housing Market Predictions for 2025) that predicts mortgage rates will stay at 6.85% in 2025.
That seems like one of the few predictions saying rates will stay that high. Are t...

IF you decide to move forward in Memphis, recommend buying the first one turnkey to get you going.You'll learn a lot about rentals and the market with the first one.THEN, if you like results you can look for agents & PMCs to help you buy more and save the 20-30% markup you mentioned.Recommend you also read below info to set your expectations correctly:_________________________________________________________________________We think the Midwest is a GREAT place for OOS investors to consider!

Than maybe with adjusting the vocabulary to REALIZED performance and UNREALIZED performance, we can start correcting understandings.