Angela, refinancing your property at the current lower rate (Today's 15yr fixed purchase rate: 6.8% APR) can fund a down payment for another property, enhancing your portfolio. 

. - the seller gets the equity and I'm also paying property tax on a higher assessed value (vs. if I bought a distressed house at a much lower price, that I renovated)I'd be cautious buying old homes (e.g. 100 years old) that have been renovated.

Has anyone had experience for assessed property value appeal and/or has general advice on lowering property tax you could share? 

Such a fantastic book, FHA financing is a highly effective house hack and can be combined with a sellers concession or up to 3% with 3.5% down to reduce or completely cover closing costs.

Quality I wouldn't mind in my house, maybe just a little lower end.Never had much issue with extra wear. 

new investors are ALWAYS surprised that there are closing costs. 

You'll still likely get some lower taxes, since some of the gain will be accrued in another state, but you still need a good tax accountant here.3.

For restaurants, rent should ideally be under 10% of gross sales, so I believe $5,500 a month is fair.The seller doesn't have a rent roll or strong financials, and his tax returns are 50% lower than his claims.

For example in the Reno, NV area there a small MF opportunities and there was also a large MF project that just came online that temporarily lowered rents.

Now I'm left wondering whether it's best to lower the price to get the property off my hands asap or to make some costly improvements that will probably neutralize any increase in value.