I feel like the liability and complexity is lower with SF.

(pictures of current house pre-renovation listed along with a second house-MISTAKE)July 23, tenants move out and return keysAug 31 First set of renovations complete, mostly cosmeticThrough Sep I negotiated with Norada and M.I.P to improve the renovations, I was not satisfied with work nor scope, they agreed to all items and improved the unit through Sep while it was on the market.Sep 12 Appraisal came in for asking price of $95,000, cost $495Sep 18th Third Party Property Inspectors found items, M.I.P fixed all issues, Cost $295Sep 28th, closed on the property, no tenant yetClosing: The closing was smooth, mobile notary came to my houseAll paperwork initially was signed via DocuSign, but ended up signing everything in front of the mobile notary at the end againElectronic copies were available post-closingNo issues with wiring money, etc.Post-Closing: Home is still empty, Reedy and Company Realtors, LLC is now the Property Management companyPictures of final renovations were provided after many inquiriesHouse rent rate was lowered to $965 after sitting vacant all summer at $1065I was not sure why they raised the rent so high during the closing process.

I developed a calculator in excel that adds the rehab cost to the purchase price thus adjusting the cap rate, if the rate isn't where you want it to be lower your offer or don't make one.

I would take some cash out and purchase a 4-plex someplace where prices are lower.

Then they gradually lower the price.

Know the market is it a 10% cap rate market or a 7% cap rate market or lower?

Raquel Singer I noticed that about the lower end areas of Miami.Prices have gone insane ,even from just 2015 it looks like prices are 3x what they were .

These lenders will probably want you to look for an accountant or bookkeeper to keep your records in order, but may not stress it early on.

That being said as an engineer I can also tell you your AC can only cool so much, due to thermodynamics lol.So keep the AC unit and tell your tenants that if it’s hundred plus outside it’s not gonna get much lower than probably 72.

@Tavares Lumpkin HELOC would be good option for down payment because of lower  or no closing cost but interest rate will be higher so make sure you have plan how soon you can pay off.