Of course the above 2 points can vary deal by deal based on the deal terms, but 99.99% of cases align with the above.

We are going to get an appraisal soon, but based on real estate agents evaluation and comps, we are looking at ~$500k as a current value. 

You need to develop a base of knowledge.  

And when these markets go into recession, it depends upon their job base.

Hi Shane, I want to tell you something from my research because it seems that we've been doing the same thing when it comes to educating ourselves on RE.Given that you already have 20k, which is around half of the down payment, try to leverage family and friends as private money lender in order to complete the down payment.Second, depending on how long you had your primary, assuming that you did not cash out anything from the equity, you can try out this option ( no need to cash out all, just cash out the amount that you need to make this deal happen).just my humble opinion based on what I have learned!

I get a few more calls for service but higher rent is worth it.

Quick same day turnaround and provides most inspection services.I have also had clients use Champion inspection services.

I think it depends on goals and experience, section 8 is a good guaranteed income, air bnb or short term will have higher rents but you will have more monthly expenses (cleaning, internet, lawncare) student housing is another option, and then good old LTR.

My base is RE and cash and stocks are my speculation.

I'm based in Seattle but have built a 9 door portfolio through turnkey and BRRRRs in the Midwest (Memphis and Detroit) and they all cashflow around 16% Cash on Cash.