Property is worth what its worth - No more, no less.

Starting now I am going all in no more excuses.

I refinance out no more than 65% of ARV.

before u buy, chk the student rental policy. where we are no more than 3 related blood tenants can live in 1 unit. so 5 bed homes are harder to sell. bc if city finds out, they will be fined.

What're your thoughts and advice for a first time investor looking to obtain an FHA loan and invest in property no more than $250,000 in value. 

Here's what I've come up with so far.SFH must have:- +2bath- Roof <10 years old- Monthly Cash Flow => $250/month- A/B neighborhoods- =<$60K in repair costs- No foundation issues- No pool- Target purchase price <$430KCondo or Townhome must have:- HOA no more than $200/month with no plans to increase- A/B neighborhoods- Monthly Cash Flow =>$200/month- HOA must allow renters- HOA must take care of roof and landscaping- =<$20K in repair costs- Must be over 900 sqft- Target Purchase Price <$250KWhat do you think?

I certainly think it's possible to retire on rental income, but 3-5 years seems aggressive unless you really have a very sizable chunk of cash to start with.As far as paying down mortgages, for the first few years you'll need to decide whether you want to prioritize buying more buildings/units (greater leverage) or building equity by paying down mortgages.If your goal is to reach a certain # of units, you may want to lean toward greater leverage until you reach that number - as long as you do so safely of course (say, no more than 75% loan to value on each property - otherwise you risk having mortgage payments that are so high you risk losing properties if the rental market turns against you in the future).Also remember that unlike credit cards, mortgage payments don't automatically lower just because you pay down the loan balance.

Pretend like you have no more than $30k to invest with. 

Your all-in costs (purchase price, Rehab costs, Closing and Holding costs) should be no more than 70% of ARV.  

Everything I am seeing online says that, in OK state, this type of behavior is grounds for immediate eviction with no more than 24 hours notice.