As we have witnessed in the past, specifically the years of 2020-2022, when rates dropped, everyone jumps in to buy a house, which drives up competition, which in turn makes housing prices go WAY UP to the point that people OVERBID on properties.

I am eager to get started on locking in my first investment property and have questions on what my best approach would be.I own my home and have been making slow improvements to it over the last year I have had it.

The reality that neither view is realistic or probable.The best advice I can give would be to underwrite for long-term leases as that can be an acceptable exit strategy, but be prepared to execute well on your MTR strategy (great interior design along with profesisonal photos and concierge servive). 

Is there a way to pass along the cost to tenants who have chronic problems with causing smoke by burning their food etc.?

What is the best response?

Best strategy would be to run it by an attorney in the state which the contract applies. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $200,000

Cash invested: $75,000

Sale price: $430,000

Pocket listing. Friend of mine wanted to unload it for his...

Best of luck in securing that rental property!

@Lesley Martin suggest getting the best home inspection you can!

One of the best ways to get started is networking and finding a good team regardless of the market.