I do live in a lower-income area that is now up and coming (more job opportunities, more infrastructure being built, local amusement parks, close to city, etc).

Upon closing you will want a licensed servicer hired to collect payments etc.

Her main concern is if we stick 10k into the renovation to complete it, and closing costs on our new property, plus a couple small updates to the new property.

Closing on April 17th.

Also I figure that if I account for the difference in the cost between losing a little here and there because I can’t keep as close of an eye on things and have to rely on the “honesty and integrity” of contractors I’ve never met then I figure it’s just best to spend a little more to invest at home than in some out of state market.

I have also really really lucked out with this GC, he started on the project a day or two after the close, and has been working on it since.

DO NOT close escrow before talking to these people. 

Choosing a market for your first investment should be as close to local as possible or you won't learn anything and will be too hands off.

@Mathew Pezon how would I get bids from contractors before closing on the property?

Thanks, I didn’t know about the inspections until a week or so ago and I close in the next day or so on the property.