@Danny Wu - thanks and best of luck to you too@Dave Bolduc- I have been researching the East Rock area as a potential invest location but find the swift changes from neighborhood to neighborhood difficult to judge without knowing the area better.  

OP, I've actually had a client was in the business of buying and re-developing medium-sized hotels. (20+ rooms, mom-and-pop owners, value add)He used a cap-rate and was familiar most real-state metrics but he instructed me to do this:Take net revenue and times it by 3.

If we were to put it on the market again, I'd estimate at LEAST $10k to get it market ready for new carpets, appliances, paint.Knowing the condition I rented to him before, currently it wasn't anything I could make a case that wasn't "normal wear and tear".If I don't take this into account, I'm over-shooting for a client that is underinvesting ........and there will be negative return on his investment home.

I'll be honest, it is very difficult to follow your posts when you do not use punctuation.

Again - NOT procedurally or legally difficult in Texas.

Pulling the trigger on that first deal can be difficult, but once it's done you'll be hungry for more.

This response neither constitutes legal or tax advice nor establishes an attorney-client relationship.

Dennis,Without knowing more particulars its very difficult to advise.

Wish I were closer, I'm in Terre Haute and about 85% of my clients are investors.  

As far as investments, basically anywhere that makes sense.The market is definitely hot, and therefore difficult to purchase something that makes sense.