In the mid west I NEVER raise rent.... there are too many other homes for folks to consider.this is not San Francisco or Portland or Seattle.. were you have 1% or less vacancy rates and rents have risen 20 to 40% over the last 5 years.. but then again no one really bought west coast for cash flow so only the local owners enjoyed the rapid rent rise.In the mid west and any cash flow market from FLA to IL  ... you get a good tenant you keep them..

Advantages that I see:The snowball effect that would result from owning more and more properties free and clear which makes it easier to buy more and more maximum cash-flow properties as you go along.Absolute maximum cash-flow from each property much quicker than waiting the full 30-years for tenants to pay-off your mortgages.Disadvantages that I see: Difficulty rapidly paying off the first 1 or 2 properties.Untapped equity in all of the free and clear properties.Here's my questions (in addition to any other comments anyone would like to offer):Is this a good idea? 

Thanks @Arianne L. for sharing and providing the update to show your evolution! 

If you can find the right contractor/contractors, that 250k can rapidly change to 50k in work. 

The problem lately is the quantity going on the block is decreasing rapidly.  

One of the interesting things about Cleveland is that the Downtown population of young professionals has grown relatively rapidly.

We're hoping to expand and grow more rapidly in the next few years.

Do this enough times and you'll be well set up.They are both important and both very neccessary to create wealth more rapidly.

Most of the great deals people have told me about are really properties that are inferior to the properties they are being compared to, or properties that were purchased at market value but appreciated rapidly due to an outside force.

I have been looking everywhere for hard money/private loans in Michigan (Grand Rapids area not Detroit) and have only come across one so far.