The Bay Area will take more capital energy and buying in the Midwest will take more time energy. 

If I buy a property with tenant in place, do I need to inherit the existing lease terms?

On the other hand, you probably can't buy something else and get the same return.

If you boost leverage to 75% the cash in your pocket is even greater and the returns get boosted again.Now go forward in time a few years and you can do a few things you can never do with a stock:If the property has appreciated, take out another loan and put more money in your pocket.Or, you could sell the property you can use 1031 exchange to buy a much bigger property, reset the depreciation clock and pay no income taxes at that time. 

As a buyer I probably would not buy it based on a wholesaler telling me it has more potential if I re-zone it.

However, if that were the case, builders who are already buying down rates aggressively would be selling more homes, but they aren’t.

Hey @Eddie Hincewicz, just an FYI, I did an extensive survey of a bunch of lenders and none of them would lend more on an operating STR vs a similar home.That does include if they have a permit.So anyone looking to buy, they would have to come up with the extra cash if the owner wants to charge more than the comps support.

If so we would be buying there as well, Wait you moved FROM FL to Ohio nobody does that LOL, where were you in Fl ?

We are looking to buy multifamily properties and get away from long term single family rental houses.

I am currently working on buying my next property.