Finally, as a last consideration be sure to check your state's sexual offender database to make sure there are no sex offenders living in close proximity as this would kill your ability to resell at a good price.

My real desire is to learn the ins and outs of real estate and how i can use this venue to build long term wealth.

You will certainly be shut out of desirable large Metropolitan areas and wind up concentrating where anyone can do a GRM, CoCR, 1% rule, etc. which are really, non-sophisticated, non-complex calculations.Once you can understand and use IRR, you can evaluate ANY Investment.If you want to evaluate only Cashflowing Investments using IRR as an example, you set up a series of cashflows which only has the `10 annual Cashflows of the Investment over the 10 year holding cycle.

I want to avoid having a listing agent give me the best comps and leave out less desirable properties.

Brandon Turner calls this the LAPS funnel, get some Leads coming in, Analyze those leads, Pursue those leads, and you'll reach Success.I'd consider the BRRRR strategy as well, this would accomplish your desires to fix and rehab rental properties, obtain long term rentals, and recycle the same cash/lender on deals moving forward.

We are based in Austin and with a desire for cash flow, we are looking in the Temple/Waco areas.Would anyone be able to share the monthly rate they are earning from properties in either of these towns?

Bryan is a little better, but most of the deals that will cash flow are in less desirable neighborhoods.

Current loan is 6.625% (bought for 90K 10 years ago (less than desirable credit back then).I wondered if I could do a cash-out refinance, get 25K and build a 26x26 or so garage with some type of living space upstairs.

To do that quickly, you need an advantage to acquire desirable assets ... or you need an operational gift to efficiently increase their value.Easier to do both when your assets are physically close to you.

@Derek Gibbs completely understand your desire to not shake the boat too much right in the beginning.