Currently, my largest hurdle/hold up is depleting my cash reserves to purchase land for development.

What cities do you see have a fair entry point that cash flows not in a crime filled area?

Worse case, if you do the rent decrease, is that you have a non-cash flowing property/rentals below market rent as well as you have tenants who expect their rent to be lowered at every inconvience.

A lot of people are similar position - if you have a reason to use the cash, it may make sense to just cash out refinance.

If any of the "Big Five" systems (HVAC, plumbing, roof, electrical, water heater) haven't been updated recently, they still should be budgeted, even if you expense them later.Also, if you're primarily buying for cash flow, then this seems like a whole lot of work for just 7.75% CoCR!

For my real estate investor friends, we have always underwritten our deals based on the deal cash flowing under current market conditions and not speculating on needing to refinance when rates are lower.

There are some very high cash-flowing markets here. 

I want to buy a few more cash-flowing rentals in this area.

But I interpreted this seasoning requirement to not apply if there's no first mortgage on the property (initial purchase was all cash). https://selling-guide.fanniemae.com/sel/b2-1.3-03/cash-out-r...

Alongside acquiring rentals, I'm interested in establishing a service-based business within the real estate niche, potentially offering maintenance or renovation services.To make the most informed decision, I'd appreciate any insights from experienced Indiana investors on:Top Indiana Cities for Long-Term Rentals: What cities offer a strong rental market with factors like stable vacancy rates, positive cash flow potential, and opportunities for property appreciation?