On the other side, you could have a new build that owner pays no utilities there are no major maintenance issues because the building is brand new and operating expenses ratio could be 30-40%. 

However, they will calculate a new DTI (debit to income ratio) based on the new monthly payments from your cash out refi or HELOC loan.Some quick pros and cons about Cash out Refi vsHELOCCash out Pros-tax free money-low interest rate-no monthly payments Cash out Cons-closing costs (couple thousand)HELOC Pros-tax free -its a line of credit, hence you can use pay back then use again-usually NO closing costsHeloc Cons-higher interest rate-have to make monthly payments on money borrowedHope this helps,CB

I have talked to a couple but would like to hear what you have to say! 

Go a couple times and look for repeat buyers.

Below are some quick tips about cash out refi vs HELOC/LOCCash out Pros-tax free money-low interest rate-fixed monthly payments unless you choose a variable productCash out Cons-closing costs (couple thousand)HELOC/LOC Pros-tax free -its a line of credit, hence you can use pay back then use again-usually NO closing costs on residential Helocs; there will be closing costs on commericial LOCs-commericial LOC is very fast moving as far as getting funding and refinancing  (Makes it easy to rinse and repeat)HELOC/LOC Cons-higher interest rate-variable rates-monthly payments depend on amount borrowedHope this helps,CB

I've spent the past couple months educating myself by reading books and listening to most of the podcasts on this forum but feel that having some guidance on making the first purchase would be beneficial.If anyone has any recommendations, I would greatly appreciate it. 

There are also a couple more near by from what I can see in aerial map views.   

Asheville is another story as Robert pointed out.There are more and more year round residents in Wolf Laurel in the last couple years so it is possible to get permanent renters there.  

There are 2 brand new neighborhoods there with homes selling at 500k plus; off Findley Rd, in Johns Creek, GA to be exact.

I had tried to start out on my own earlier this year, but lost money in a couple of deals due to lack of information and understanding of the market.