You can work with investors, make great relationships, learn and earn $$ on the way.

Hi Andrew,Great points and I'd suggest perhaps a good, better, best option. 

I am looking to post rooms for rent and am wondering what are the best sites to post them on?

It seems to me that many of the problems were created by way you are managing your business.First, let's talk accounting. 

ARV on the patch job is 175k pretty much either way.

Here in Reno, NV we analyze over 1800 deals and find the best cash flow potential and value add opportunities. 

Austin is increasing multifamily unit supply by 10% year over year, with more on the way next year. 

I would say conventional / FHA (bank loans) would be your best option.

Hi Yu Jin,Dayton is a step up from Toledo but also comes with a step up in price.The numbers make sense in many Ohio cities.You make money when you buy and not when you sell.So look for off market (We do a lot of direct to seller), negotiate hard, buy with cash and buy quickly.Great deals don't last so you need to know the numbers very well in your target market.I've flipped hundreds of properties in Toledo since 2014 and am glad to say that I know the market like my back pocket.All I need is the address, scope of work and how much I can buy it for.Quick access to AREIS, the MLS to run comps and "ka ching".I know if it's a deal or not.Immerse yourself in the market and become a market expert on the numbers.Nothing comes easy mate and all good things take time.If you are looking to build a rental portfolio in Ohio you have to build a big one.Buying 1 or 2 properties and expecting a significant impact to your bottom line from a net-worth or cashflow standpoint isn't worth the risk IMO.In all sub $100,000 markets, it's important to build a large portfolio as there is a high likelihood that you will have repairs and vacancy on 1 or 2 properties at any given moment.Just my opinion and all the best.

Are they paying below market rent because the landlord hasn't increased rent over the years (eg long term tenants with no increase) or were they rented that way (ie low rent either to fill or because landlord didn't know what market rent was)?