Someone wants to own in near future, create lease option with terms like 400 or less of repairs is theirs to reduce landlord responsibility and create more pride of ownership/skin in game.And so on and so forth as now most of my deals are just me cross mkting with my own database and in control of deals and getting more referrals from creating win/win/win deals.Hope this helps

Make sure you have a healthy reserve to cover those unexpected issues.Once that's established, save up for your next investment!

Here are the macroeconomics for Tallahassee:Population Growth since 2000: 20%Median HH Income increase since 2000: 30%Median HH Value Increase since 2000: 50%Crime: Just below the national average and slowly trending downward (484 of 1000)Job growth (12 months): 3.2%  (highest in the Panhandle of Florida)All in all, Tallahassee appears to be a healthy, prosperous, city.Are there any local experts who would like to share the ground truth. 

If downpayment is a problem, I can see it, but usually (unless it is overpriced) the seller wants the buyer to be committed by having some skin in the game.

It is all relative to your initial skin in the game. 

Grand scheme of things, it would be nice to refinance to pull money out and throw into other investments, but id suspect its only a smart move for somebody like you who has a lot of skin in the game, and the capital to back it up.

I ran the numbers on a fix-and-flip deal and (unless I'm way off on my figures) it looks like you aren't too far off from a healthy profit.Fix-And-Flip LinkThis of course assumes your after-repair value of $233,000 holds up. 

I'm not a licensed investment advisor or anything, so please take what I say with a grain of salt.Based on your description of the local market, it sounds like off-market deals is the way to improve your deal flow pipeline, in order to purchase at a price that gives you elbow room for repairs and a healthy profit. 

@Jeff Bridges as long a there is healthy cash flow I would take the cash out now every time.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.