Once tou figure that out, you can start looking for properties that match your goals.

 16 terms you need to know in commercial real estate:1.Internal Rate of Return (IRR): A metric used to estimate the annualized return on an investment based on the timing and magnitude of cash flows.2.Cash-on-Cash Return: The annual income generated by a property expressed as a percentage of the initial cash investment.3.Discount Rate: The rate used to discount future cash flows to their present value in financial models; often represents the required rate of return.4.Capital Expenditures (CapEx): The funds set aside for property improvements, renovations, or major repairs.5.Gross Operating Income (GOI): The total income generated by a property before subtracting operating expenses.6.Operating Expenses: The costs associated with managing and maintaining a property, including utilities, taxes, insurance, and maintenance.7.Debt Service Coverage Ratio (DSCR): A measure of a property’s ability to cover its debt payments, typically calculated as NOI divided by debt service.8.Loan-to-Value (LTV) Ratio: The ratio of the loan amount to the property’s appraised value, used to assess risk in financing.9.Equity Multiple: A measure of the total return on an investment, calculated as the ratio of total cash flows to initial equity investment.10.Residual Land Value: The estimated value of land after deducting development costs and desired profit margins.11.Sensitivity Analysis: A technique used to assess how changes in key variables (e.g., rent, expenses, interest rates) affect financial model outcomes.12.Operating Pro Forma: A projection of a property’s income and expenses over a specified period, typically used for budgeting and financial analysis.13.Cash Flow Waterfall: A structured distribution of cash flows to different stakeholders in a real estate project, often involving equity investors, lenders, and developers.14.Leverage: The use of borrowed funds (e.g., a mortgage) to finance a real estate investment, potentially amplifying returns but also increasing risk.15.Equity Investment: The amount of money invested by equity partners or investors in a real estate project. 16.

Hi Marcus,With a solid financial base of a $135k/year dual income, a 3-month emergency fund, and $15k in savings, your plan to invest in a property while stationed at NAS Pensacola sounds promising.

If so, review it to ensure it matches the estoppel certificate4.

I'm looking for advise on a renovation loan based on the ARV. 

There may be a few neighborhoods you could identify based on price and type of home and then talk with a RE agent about getting information on those areas. 

Costs can vary significantly based on your location, the specific conditions of your home, and the contractor rates.

I travel frequently but would use it as my home base when I'm in town.I found this property about an hour north of Austin: https://www.zillow.com/homedetails/17710-Fawnridge-Cir-Leand...It has views of the lake and AirDna rates Leander, TX where it's located with a 62 market score.

As a CA resident, you may wish to find a CPA based in CA or at least very knowledgeable about CA taxes since CA can be a bit more complicated than other states. 

It looks like based off of the location you're talking about a brand new construction home and there are certainly some advantages to that.