Many people say they never do, but if they can increase your interest rate 5 or 6% they might. 

If no one has already run them buy a lawyer here in Georgia, would anyone be interested in splitting the cost to do so?  

Its a very costly mistake to get wrong! 

The new investment earns $24,000 a year, but the mortgage + the equity loan cost will be $22,332—and that’s before you account for taxes, insurance, maintenance, capital expenditures, vacancies, etc.

Negotiate price, closing costs, and repairs, conduct inspections, and perform a final walkthrough.

I'm a fan of the consistent, not checking which way the wind is blowing, dollar cost average investor that keeps buying every year or two.

During this time, the rent has increased by $650.

The seller says I can just deduct the repair cost from the tenant security deposit. 

Are you trying to convert a pre-existing room into a bedroom to increase the ARV?

Would love to connect with someone familiar with the area to learn about the market as well as costs of renting beach properties.