Keep in mind you have carrying costs, selling costs and taxes. 

Market Selection Criteria: To choose the right market, consider factors such as:Economic Growth: Look for markets with strong job growth, a diverse economy, and increasing population.Rental Demand: Identify areas with high demand for rentals, which can be indicated by low vacancy rates and high rent-to-price ratios.Affordability: Ensure the market offers properties within your budget that also meet your cash flow and appreciation goals.Property Management Quality: Verify that there are reliable property management companies in the area to handle day-to-day operations, especially if you are investing from a distance.Comparative Market Analysis: Perform a comparative market analysis to compare potential markets.

It's true that you can do a longer contract and most wholesalers do but also most wholesalers fudge the numbers and make the ARV much higher than what it's actually worth or the rehab cost is way too low.

When I ask for reasons I get cost of living, quality of live, moderate climate, fresh water access, no natural disasters and moving back to where they were from.From what I can see the trend to the Midwest is steadily increasing, but by no means as big as moving south.

AND this doesn't include the increased principle paydown I also have with a loan that has already amortized for 2 years!

When buying a Real Estate consider property tax new cost specially in today's Market.

Rule number 2:  The Option Consideration is NOT a deposit on the purchase, it's the cost of the Option Contract, and it should NOT be given as a credit toward the purchase of the property. 

Also if you don't know, there is a relatively new and expanding Navy base near by, increasing active duty military demand for housing.

If you had the funds available, with some cushion, is it advisable to skip the HML and $7-12k cost, and purchase in cash?

They have cost my business tens of thousands of dollars and countless wasted hours of follow ups and missed opportunities.