:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Some people doing this strategy will rent STR in seasonal markets when there's high demand and high turnover and then pivot to midterm during the off season.

Buying real estate is highly emotional.

If I was you, I would work on paying off that credit card debt, before you get into another large debt, especially if that $7k is high interest debt. 

Pour concrete over it high enough so grass doesn’t grow over it.

They seem to require high quality materials and  craftsmanship to maintain a level surface.

That isn't enough equity to move the needle now and since you are on a 5.75% FHA, your payments are probably still pretty high comparatively which might cut the ability to save more.

If you're not comfortable with what is written out and legally binding, I would highly recommend just looking somewhere else for property.

If i could chime in and help in the search:be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise.

Hi all, My husband and I are high-income earners in a high income tax state (California).