Another aspect would be financing terms.

Also, no counties in Texas prohibit long term rentals.

She can't handle a long gun. 

Though I am unsure how I would amortize the up front remodeling costs for P&L, tax accounting.2) Interest only loans term loans -  Would allow current owner to have cash flow on the property, without eroding the asset value. 

I agree with the other contributor that it’s better to own a $1M asset that appreciates 3% per year that pays no cash flow (over the long term) rather than a $100k asset that appreciates 3% and pays $300 a month in cash flow.

In the long run it would save you $. 

I've done and been a part of many Chicago zoning changes...they take a very long time and a lot of upfront money...unless you are planning to add multiple units and do a full renovation, the ROI is probably not there.

I'm m focused on staying disciplined and maximizing cash flow, so your suggestion on BRRRR and DSCR loans is especially valuable as I plan my long-term strategy.

It would be a shame to pay interest on the entire amount, if only part of funds are deployed.Thanks in advance for any tips on things we should look out for in loan terms, refinancing, etc!

How long for your spouse or partner?