Real Estate is definitely not just a "numbers analysis" and you are definitely thinking about things the right way - but I think a good next step for you would be to spend some time putting a lot of this stuff into a (very) basic financial model/spreadsheets mapping out all the potential costs and estimates on effect (effect on value, on exit, different scenarios) - I think getting started with that framework should help with these decisions immensely

Thanks, Kyser Some HOAs have transfer costs.

If you have $50k to invest then you will probably be looking at properties in the mid-to-high $100s (assuming you're putting 20% down + closing costs and a little cushion).

Then after 1 year you can get another low down payment loan.

I have heard people on these forums talk about using the Nest thermostat to set a maximum low + high temperature, to keep guests from blasting the a/c or accidentally bumping the heat up to 98. 

My advice is to buckle down and save enough for down payment, closing costs, and emergency/rehab fund before you make another investment.

I’m gaining knowledge of costs to replace certain things in the house.

Rates, closing costs, and points also play a huge role in making the right move and can save you extra.You also want to make sure you have multiple terms like ARM products, Interest Only, No Prepayment penalties, etc.If you want to talk REI feel free to reach out I enjoy helping when ever possible.  

If you were to wait until the lease ends, can you afford to carry the costs of the property until sold?

Direct mail has a very low response rate and I mostly just see the big boys who are going 7 figures do it, who don't mind spending 10-20k+ month on blowing out towns of letters/postcards.