Plus, keep an eye on emerging markets like Greenville and Columbia in South Carolina—they’re seeing more development and interest.I can get you more information on specific areas once you have a more concrete idea of where you want to invest.Let me know if you want to connect and I'll be happy to help. 

Also get the CAD file on a drive and find a "Licensed Architect".

The parents get tax free money and when you sell you get your money back and the rest may be tax free because of the step up basis.It is imperative that you speak with a tax professional on this.

We are still working on the final two rental property renovationsHouse 1: Purchased for $95K, we put about $50K into it, it's currently rented for $2500/monthHouse 2: Purchased for $95K, we put about $80K into it, it's currently rented for $3500/monthHouse 3: Almost ready; Purchased for $95K, ARV $300K, Rental estimate - $3500-4000/MonthHouse 4: Rehab phase: Purchased for $320K, ARV $550K, Rental Estimate - $6000/MonthLessons learned?

This is our first shot at a property so we'd really like to get some experience in while also making some of our money back in the cash our refi.

Getting back to the 20%.  

Drive these places and get to know them.

not in Alabama, not in California. think about a down payment, closing costs, light repairs, rent ready costs, commission to the property management company, then you fix a dishwasher, then in year 2 the furnace goes. 

As Justin mentioned, the advantage of immediate cash flow is why turnkey properties typically come with a premium price tag.Try to get a sense of why you are investing in real estate and what the goal of getting into it may be then decide what option is best for you.

If you think of depreciation as a negative appreciation I think you get to the same place.