Then, to truly understand the model I would suggest underwriting about 100 more buildings/properties.

That being said if you have solid property management this may not be the case as I self manage.

Lastly, when a lender says finance 75%, 80% etc. it’s important to understand what’s included.

My main goal is to understand what types of loan products are available, and we are now more open to analyzing out of state purchases.We are eager to make our first purchase within the next 3-6 months.

I think whenever you enter a new market you should lay down a base first, but if you are able to travel to the market and thoroughly vet a solid contractor, you will increase your chances of success

In other words, if they supply the material you can't charge a 30% material markup.Nothing to do with steaks.People understand that contractors are not interested in saving them money.That is why they hire day laborers.

My understanding is if you inherit a property you get a step up in cost basis. 

@Kristine AnnIf I'm understanding what you're saying correctly...

As a 20-year industry veteran, I still see most sales agents fail to understand what I do (typically, they think they know).

You won't have to file a state tax return with Tennessee as they don't tax rental income.You likely want to work with a CPA who understands the different state tax laws.Good luck in your search