Here is what you do: establish a value for his lot - that is his basis.

Yes, I suppose you can say I am easing my way into the buy and hold game with my fully vetted tenants and my built in PM, but you have to start somewhere right?

I'm a millennial as well and am just getting into the investing game - haven't bought my first property yet but  I will within the next 3 months.I agree with all the above - we want convenience and will pay for it, being close to the social scenes (bars, restaurants, greenways, golf courses, easy commutes, etc.) is very important!

House hacking will get you in the game and free up some monthly cash.

How to ensure Listing Agent presents your offer to the seller.In advance of even looking at a listed property:1. email or have your buyer's agent email your Approval Letter for your MAX purchase price, regardless of how much higher it is than the list price of the property you are considering (the higher, the better) & an Attorney Escrow Letter of $5000 or more (the more the better)  to the Listing Agent with instructions for the Listing Agent to forward the email directly to the Seller. 2. take the two letters with a copy of the email where it was sent to the Listing Agent and mail them directly to the sellers, this way that have something physically in their hands, letting them know you are a REAL buyer are not playing games! 

Once again, appraisers have to have data to establish this price.

It's difficult to make it because I hate missing my kids sports games so I usually only come when it's raining!!

I am of course starting at the seller's numbers but never really stay on those for too long... too much optimism baked in... but alas, such is the game we play.For POH's, what sort of expense ratio should be a reasonable estimate for modeling out realistic assumptions? 

I really like meeting people face to face and establishing positive relationships.

This is where the fun begins, mostly trying to establish FMV of the properties, and any back taxes.