Indy while initial cash flow may be higher there is also more maintenance with a cold belt state and long term rent growth and other metrics tend to not be as strong as warm belt states.Most out of state investors fly in and look around about in a 1 hour direction from the airport at each state's main hub.Austin is expensive to buy in right now for rentals.

I decided to take the initiative to get my license, first. start with a team and buld a relationship there then branch out on my own.

But how do you talk to the person who owns the property and lives in it and they are not the ones initiating the contact with you?

I'm not going to spend all my time saving and paying down my personal residence, because the sooner I create another asset (generating passive income), the longer I can build returns from it. 

The hard part is timing and coming out of pocket initially until you're able to refinance using your new (higher rent) leases. 

At those prices and loan amount they probably could be generating some cash?

He has indicated through our very initial talks that he would like to sell each one for between $130000- 150000 off the cuff.

I was initially surprised b/c my lender has been great and has always included about 80% of new rents on a potential purchase into the equation.

I've retained an attorney and appraiser, and the county has initiated a quick take on my property as of this month.

I have no mortgage on the property and it generates about a $6k surplus each year.When my current tenant moves out, I'll have to re-carpet and re-paint, maybe renovate kitchen.My question is, since all the appliances are original (and still in good working order), when this tenant moves out and I do my renovations (mentioned above) should I sell it before some of the expensive things start breaking down (a new heat pump will run me about $6,000) or re-rent it?