so if you dont allow pets you severely restrict your tenant pool.  

If you can buy 50 units by yourself and you have four other friends who can buy 50 units by themselves you are much better off to pool together and buy 200+ unit property.

Since I spend quite some time there, the area is important and ideally also some draws that also appeal to renters (golf, pool, amusement parks, etc.). * what areas can you recommend?

@Thomas Wang you paid cash so the appraisal didn't go through the "normal" process of the appraiser being selected independently via the typical lenders appraiser pool process.

If you flip it, you'll have cash to put into your next property and hopefully your cash pool grows every time.

For the areas, Kyle and Manor have strong renter pools, I prefer Manor if you can get a nice house there.  

Single family homes with a private pool tend to do better business than townhomes.  

I have beer and a pool table!

Tenant pool has been fine and the majority of our tenants have wanted to renew and stay on a longer term.

Based on the "minimum lot area (sq ft)" chart that I am reading here for Charlotte (http://ww.charmeck.org/Plannin...) on Page 12, it appears I could turn this into a duplex as long as the minimum lot size is 16,000 Sq Ft.