I wanted to ask for your advice regarding a decision I’m putting in front of myself: I’m trying to decide if my next investment property should be a play for appreciation or cash flowI’ll try to give enough numbers and information to hopefully provide you with the ability to help provide your guidance.My Current Portfolio- 7 “cheaper” cash flowing properties (values ranging between $140-$210K) in Las Vegas, NV- 2 “expensive” appreciation properties (values ranging between $650K-$820K) in Orange County, CA- Monthly cash flow (for all 9 properties): $2,600Other Relevant Information- I’m currently working full time- I have enough savings to last me more than 2 years (without a salary)The Investments I’m ConsideringOption 1- SFH in Orange County, CA, for $650K with negative monthly cash flow of $300- 30 year loan with 25% down payment of $187,500Option 2- SFH in Orlando, FL, for $170K with positive monthly cash flow of $270- 30 year loan with 25% down payment of $42,500Pros and ConsOption 1CONS:(a) Negative monthly cash flow(b) Large down payment(c) Even larger exposure to market in Orange County, CA (would be 3 properties)(d) I would likely have to sell one of my existing Las Vegas homes to come up with down payment (otherwise I’ll have too many mortgages to qualify for a new one)PROS: (a) Potential for larger appreciation (10% potential appreciation in 5 years of $650K vs. 10% appreciation of $170K), so I feel it is a better long term play(b) I’m not sure if you guys typically give this much weight, but when I include the larger principle payment that would be made every month (e.g. around $800), it changes the monthly cash flow equation if one chooses to consider it, making it more attractive (long term)Option 2CONS:(a) I feel it’s a weaker long term play (less appreciation potential)PROS:(a) Positive monthly cash flow out of the gatesGeneral Notes- I feel I can sustain the monthly cash flow in both cases- I am only considering taking on the larger property (Option 1) because my other cash flowing properties provide me some buffer. - However, I’m wary of pushing the limits too far and exposing myself to too much risk (debatable what is “too much”)ConclusionI'm looking for your advice/guidance about my above decision.

What's relevant for Single Family homes & most commercial are sold values for the last 6 months to one year.  

I am gonna post my response because I think it is relevant to the discussion here.My property manager has been able to address any and all problems.

But, before you contact the Nevada Secretary of State, as Michael and Bill advise above, with the questions you may have now - please get for yourself the information you need to be able to ask the questions you will have after you study it - from a relevant knowledge base.  

It takes expertise in construction, construction techniques, estimation procedures and the relevant tax code to properly apply MACRS. 

You'll find some relevant topics here:  https://www.biggerpockets.com/renewsblog/category/...All the best to you, and keep us posted!

Meaning can they buy with their own funds with cash or easily qualify with financing and some down OR are they not showing financials and talking about no money to little money down type junk that isn't relevant today?

LOL, not death, but it can rack up more than $100,000 for you.And my vote for Chris is for the links.However, as mention a HUD-1 is not required for non-residential properties but it's usually the easiest way if it applies.The IRS requires an accounting of RE transactions showing all relevant expenses and costs of settlement, it is the source document to establish the tax basis for all real estate.A tax basis is required on all real estate, besides rentals and sales by investors, you have estate matters and everyone dies.

The only way you can know for certain is to call the relevant building department and ask.

So if you have that, then the fee could become relevant as a reason, if you wish to use that.The tenant asking for policies could be a red flag.