I have a lease created by an NC Attorney; however, I've also made use of the NC Lease offered by: https://www.ezlandlordforms.com - which does allow each addendum you mentioned and reports to be NC Law specific.

He goes to the Madison REIA when time allows but if you'd like sometime we could meet up for coffee to answer any immediate questions about getting started.Let us know how we can help.

Fortunately, my current job allows me the opportunity to listen to podcasts and audiobooks while I work.

This site allows you to compare cities across the world with cost of living, crime rate, and more.  

Here are the steps with explanations:1 - Get cash together.2 - Find a RE Market that will allow you to use your cash ONLY for all costs (buy/rehab/etc...)3 - Find a lender that will do REFI loans on Rentals...and what their terms are.

When I pointed out the fact that IRS regs allow this, he got silent:) Apparently he doesn't OWN rentals or he would have a clue about tax breaks (depreciation).

If the lower interest rate on the ARM allows you to buy more property, I would go that route.

A distressed property will need a "value add" to increase the value, a distressed seller can sell allowing you to profit without touching the property, but this has limitations as well as to giving a fair price and not screwing a seller.

This will allow you raise capital while bringing and bring them value which may position a partnership down the road.  

So if your higher salary from living in a high cost area offsets the higher housing price, then the necessities of life are only incrementally more expensive...this allows you to have more money to save and invest, or pay down college debt quicker etc.