I used to hear it all the time, but never really understood that you need to get clear on what it is you're looking to do.

Once you figure out what type of business you want to start the type of property you should buy will become more clear. 

@Rod Merriweather The local bank’s offer looks like a good move, especially since it helps clear your HELOC, gives you cash, and sets you up for a commercial loan to free up your DTI.

Fees should be clearly stated in writing, easy to understand, and justifiable.

I've seen investors allocate 5-10% for capital expenditures (capex) and vacancy, but you won't have a clear understanding until you've owned the property for a few years and established a track record.

This will be the first year I will be able to deliver to my tax man a really clear, concrete report.

I'm based in the Seattle area, but my main real estate focus is in midwest market (Memphis and Detroit) To be clear, I wasn't making as much as you but I was able to put myself in position to leave my W2 . . . for now.

Thank you for this very clear solution, Derek.  

Who is responsible for cleaning the construction site and keeping public walk ways free and clear of construction debris since you are in CA without the ability to monitor the site?

Managed to steer clear of the fraud in Metro Detroit, but did get interviewed by the FBI once.