For instance, if you've determined that your max down payment ranges from 3.5% to 4%, ask yourself: do you have the 4% for the down payment plus an additional 3-4% for closing costs (Yes, be prepared to pay the closing cost for the acquisition of your properties) on a $1.3M property, at your disposal?

Looking at local groups, it looks like we have one that meets very close to me in Corvallis.

Long story short be prepared for a rundown property, quick closing (cash), and a full rehab. 

To make the best choice, consider your time commitment, risk tolerance, and do some research on rental rates in your target area.

I’m not concerned with a cover that would support a vehicle since any vehicle would not get close enough for a tire to fall through. 

I just checked my BiggerPockets profile to update the number of properties we own (just closed on #27 last Friday) and see that all my information has been blown away, there is nothing there! 

Either way doing whatever you can to get as close as possible to what you are interested in is going to give you the context to ask better questions and know exactly what it is you want to do once done with your schooling. 

So there are a few ways to look at this, the 1st question is are you sure your renovation’s will double the property value, most renovations on primary residences, your lucky to get 60-70% of the dollar cost back out upon sale, so really nail down your comps, than you have basically a math problem if your rate on your primary goes up how long if ever before that extra payment is more than 400k in taxes, that’s just a simple calculation to help you decide, but I suspect you actually have a different question here, from a purely financial perspective my guess is the best option is to do anything to avoid that tax hit, but one of the reasons to make money is to spend it on things that you enjoy, based on your overall financial picture and a subjective view of how much enjoyment you will get out of a renovated home, you should decide if you want to roll your profit into another deal or “cash-out” your winnings, I love cars and I’m willing to spend more than is fiscally smart on them because they bring me joy, there is nothing wrong with that, but i don’t think it’s a fiscally smart choice, without knowing your exact property id imagine a renovation would fall into that category, so that’s the terms I would use to decide.

I am 24, live in Seattle and just closed on my first home.

For 80-90% of the US population that is the best choice.