Most buyers and investors say 'ASAP' so we then ask a follow-up, 'if we agree on terms today, is there anything that would prevent you from signing the contract today'.

This larger downpayment would require me to liquidate stocks which I am not too keen of doing at the moment.As an active listener of the BiggerPockets podcast, I'm well aware that midwest markets like Indianapolis, Cleveland, etc. are the "top" markets these days in terms of current growth + affordability.

No, so long as you don't accept partial rent, it's same process.

I do not have any of the terms or conditions.

I do think they are early with their progression, but while that means more risk that can mean more long-term rewards. 

@Joshua Beach I am definitely not an expert in lot splits, but 3.5 years does seem a bit long!

Long time no see!

The numbers you’ve laid out suggest a solid potential for cash flow and appreciation, especially with the added income from the ADU.A few things to consider:HELOC Terms: Make sure you fully understand the terms of the HELOC, especially regarding the repayment schedule and interest rate.

Looks like mortgage is over $4K/month on a 30 year mortgage.Purchase Price $950,000Down Payment $70,015 7.37%Mortgage Insurance 35000Closing Costs $18,000.00 4% $18,000.00Interest Rate 4.25%Term in years 25Financed Amount $914,985Payment $4,956.82Renovations/Repairs $20,000Out of Pocket Costs $108,015Monthly Assumed % Manual InputRent $6,000Property Mgmt $480 8.00%Vacancy $300 5.00%Maintenance/Repairs $180 3.00%CapEx $45 0.00% 45Insurance 50 0.00% 50Property Taxes 419.7 0.05% 419.7Rental income tax 0.0 25% 0.0Expenses Subtotal $1,475"Annual % Increase(rent + expenses)" 2.5%1% ruleGross monthly rent should be >= 1% to total purchase price0.63%GRM (Gross-Rent-Multiplier): the lower, the better13.2Cap Rate (Net operating income (annual) / total purchase price): the higher, the better5.72%Net Income After Financing (/mo.) = Net operating income - financing costs-$432years Monthly CashFlow1 -$4322 -$3183 -$2024 -$845 $386 $1637 $2918 $4229 $55710 $69511 $83612 $98113 $1,12914 $1,28115 $1,43716 $1,59717 $1,76118 $1,92919 $2,10120 $2,278 

I'd also like to consider Peoria, IL but I understand that IL is not as landlord friendly as the other states I mentioned.What are 3 words of wisdom you'd offer in terms of preparing to be an Out of State investor?