I'm ideally looking to maximize the equity value in the home and trying to figure out the best moves to make as this would be my first time.

I'm comfortable building them in Atlanta but don't know much about building them on the coast. 

Obviously, the best approach is to select tenants that can comfortably withstand a small increase each year so they can't claim this, but circumstances can change. 

Even though the rate is higher for an investment loan, I would personally be more comfortable knowing that the debt is being paid by a tenant and my house is still paid off, than to get a better rate by refinancing my house so I could own an investment property free and clear.

They’re also forced to react to your unannounced arrival--you’re standing right in front of them, and now they have to respond, whether they are comfortable or not.

Include as much financial documentation as your client feels comfortable - credit report, W-2, proof of funds, etc. so that the seller/seller's agent can rest assured that it will be an easy deal for the lenders to underwrite.State the following (if they apply): Purchaser does NOT need to sell a home in order to purchase; your trusted and preferred team of lenders, title company, attorney, etc. are working with your client to insure a smooth closing; Your purchaser is flexible on closing date so they don't mind if the seller needs to close quickly, need some time to move out OR would require as post-close possession.Selling a house that needs updates- Price to sell.

.$45k was the list price and was a price i was comfortable paying.

.$45k was the list price and was a price i was comfortable paying.How did you finance this deal?

I'm saying this for myself as well - practicing analyzing makes you uber comfortable with it and once you land on a good property, you'll feel confident with the numbers. 

As far as being prepared to act when things give out, have a big enough slush fund where you feel comfortable being able to take care of the items that are nearing the end of their life.