I plan to hand write the letter to keep it personable and local.

I moved to Colorado and do not have plans to return to NM Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We plan to DIY and upgrade, and our exit strategy will depend on what rents look like in four years as to whether we hold or BRRR.

If you plan to live in the property, you may have a better (IMO) option of using section 121 to avoid cap gains taxes up to $250k filing as an individual, $500k as a married couple.

Hi Kirk - sounds like a wonderful plan. 

So, my plan is to get a loan or line of credit for the renovation for 18 months and then refinance the entire property when the balloon payment comes due. 

Make sure they have real estate experience as location is not an issue, most of us work remotely assisting RE investors with their tax planning.

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.

If the operator planned 12% annual cash payout and hit 10%, though exceeding the 8% preferred hurdle, they are falling short.

No need to write anything more, as your brain will automatically infer that prices in Panama City should catch up with that of the other two cities.