We are planning on using a property manager FWIW4) Thoughts on purchasing a rental outside of Charlotte - My first thought was to look only in the 485 belt, but supply continues to seem limited and demand remains high. 

Next time he's late with rent, tell him he is clearly having problems with rent and it would be better if he found a place that is less expensive.For the 5 foot weeds, if tenants are to do the mowing and aren't; increase the rent $50* a month and have a lawn company do it regularly

A regular refi with the current low rate can lower the mortgage by $900/month. 

@Cody BuckinghamI would do it if I was more regular.

If rates stay low and we continue to have zoning/permitting regulations that aren't conducive to building more units quickly, demand will be high and supply will remain low which will lead to further appreciation. i saw a recent study that said sellers prefer offers using conventional financing as opposed to FHA because FHA takes longer to close and has more strict inspection requirements.

Are the baseboard heaters just supplemental, or are they supplying all of the heat for the apartments?

Also research the water system if you are supplying water from a well. 

Hard money debt servicing costs go in with the regular mortgage cost for the ongoing total debt servicing cost which, combined with taxes, gets subtracted from NOI to give you the cash flow number. 

Rents and housing prices will go up because we're in a major housing supply shortage, and as more millennial try to enter the market while baby boomers are not leaving, we'll have an even worse crunch than right now before that normalizes as well. 

It has always seemed like the way to go, but I had this opportunity back in 2015, and even then, the time restrictions and available supply just felt like too much to pull off.