We still need to work with the city to ensure we can rezone and get permits to start construction (but for this thread, it's implied that we will get the permission to rezone and start construction.)4) What other steps should I be thinking of?

The thing with investments, is no one knows the future.I personally would sell because I am not bullish on large cities until there is a sign that return to office work is stabilized.

As far as Saginaw versus Belleville, Saginaw is a very landlord-friendly city and about 60 percent of the population rents, so there is no shortage of prospective tenants.

It is  the closest big city  to bay area.

Biggest take away is finding a location or a property that you can run the numbers on any renovation or market to check future ARV/equity.You want to have equity built up in the shortest amount of time to try and refinance to take cash out or take out a Heloc. 

Seems like the biggest challenge right now is finding a property that fits the criteria without another investor grabbing it first.

I'm in the process of closing on my first ever home purchase in the City of Roanoke.

Like, here in Denver, short-term rental laws are city to city and vary widely.)Good luck!

I am a commercial real estate appraiser in the Tri-Cities with a passion for land development.

After purchasing the home we will setup an LLC and get STR license from the city and to begin a STR in the master bedroom suite.