When you convert a property to investment you use the lower of purchase price or the FMV at conversion.  

Lower acquisition costs 2.

You could use the proceeds to acquire properties out of state at a lower price point that will give you some better cash flow.

I have found getting tax values lowered tends to require a big fight, and they don't like doing it outside of their assessed year. 

I run about a ~45% or lower expense ratio, once you have a few properties it's easier because you'll have real world figures to apply.

I would imagine that due to the increasing (my opinion) competition among RE agents in JC it may lower the overall fee that's usually charged..

But, outside of having potentially lower closing costs, think about if it is worth it when compared to getting convention financing for 10 properties.

But with a SFR, I like to use a bit higher than 5%.With you doing a big update, in the short term you maintenance and capex might be a lot lower.

Rents are lower than a 2 or 3 bedroom, so easier to handle.

I make good money as a registered nurse so while I could afford to carrying the mortgage of a SFH, it is much more appealing to have lower monthly expenses with renters sharing the cost of a mortgage while I continue to pay down the mountain of federal student loan debt I have.