My specific area is in a higher end part of the state and the prices are just outrageous, due to its location and popular summer rental demands.

I generally think markets have a sweet spot that provides the best return and it varies by property.With a little research, we can define the upgrades that will be the most popular and then discuss contractors etc that might be able to help you out.

I am just trying to decide if it is more advantageous to lock in the tenants first with a new lease before raising rent and then dealing with the rent raise afterwards, or to just get it all done in one swoop.Not sure what the best choice is, as I don't feel super strong either way.

Probably wise to acquire something that you can afford to hold long-term [EDIT: I just realized that the Deferred Sales Trust I brought up in another comment elsewhere might become a popular option if it survives tax reform and the 1031 doesn't.]

You could spend many thousands of dollars before you find a deal.There are some experts on direct mail here on BP and many threads about it. when you buy mailings lists there are many choices so just chose different criteria.

Within 30 days you can generally get all reports back and work through all seller due diligence material items and receive a loan commitment from the lender and a rate lock.The LOI part is so that my buyers hopefully limit upfront money spent and do not jump into deal after deal spending thousands to tens of thousands with an attorney negotiating PSA's and ordering reports to not close on a property.This is even more important with 1031 exchange buyers as you do not want to set a selection only to find out a massive problem and you now just have 2 choices left as all 3 choices are locked in after the 45 day ID period.

It sounds like the Cleveland area one off BP is the better of the choices.

I have ran numbers on what I believe would be a very good deal for a 4 or 5 unit and am wondering why this isn't more popular.

Just add that clause to the purchase agreement of your choice.

Your general description would be met on the West and South sides of town outside of I 465among other choices.