There is major money involved in the right answer that impacts not only monthly cash flow but the overall value of the building.

The best contacts are those who also value growing their networks and who are clear on their business needs (e.g., funding, partnerships, access to deals, vendor recommendations, etc.).

I currently have a mortgage of $25,000 on the property, the property value is around $220,000 to $240,000.

Survey of mortgage terms (click to enlarge):From left to right, 1.25 points, 1.5 points, 1 point but $41k in fees.Prepayment penalty: 5 years declining, none, 2 year lockout followed by 10 years defeasance.Commentary/review/discussion: I tried to provide three very different options here, but all still real ways that people actually acquire such assets.

I am adding value to my primary residence by adding a shower to a half bath and adding interior square footage by insulating the laundry room portion of the garage.

The location of the property is the most important factor.Look for properties where you can add value over time and aim for deals that leave you with some equity in the property.

In my experience, there are a lot of houses in Pittsburgh that need TLC and the initial closing cost are appealing, but a lot of those projects end up needing a huge cost in renovations and then once it goes back on the market, you're unable to get the value you need to make the profit you want.

Painting adds no value, it's maintenance. 

I'm sure you'll get a lot more value out of your experience than we did.

Hear any other reviews/ etc?