Sounds like you're antsy to move forward, which I 100% get, but not sure your idea is going to create any additional efficiency.

No rent control, efficient and low cost evictions.SummaryIf I had limited funds, I would not consider high risk (declining) locations.

I have two goals for real estate:diversify my existing portfolio for tax efficient long-term growthprovide a somewhat passive income stream for a (hopefully) early retirement. 

I'm a beginner and come across wholesale deals I see from being on mailing lists etc and would like to get some help on an efficient way to decide if I should put an offer or not.

Additional bedrooms are positioned near the upper laundry closet making efficient use of the hall space & eliminating the tedious task of transferring laundry up & downstairs.

Is it the most efficient use of money?

It's super efficient and I usually have time to visit my properties, meet brokers, talk to my property management company, scope out new properties, and have happy-hour cocktails with my business partners :)Dallas has been doing pretty well last few years and have a pretty diverse economy.

Cashflow, Loan paydown, Appreciation, and Tax savings) throughout the life of the investment- Cap Rate (Capitalization Rate) is a measure of how efficient a property generates NOI in relation to the property's cost/value.

What's the most efficient yet effective way of doing this so my tenant feels safe, and I feel protected as well. 

I will definitely pay more attention to how they can manage the property more efficiently, implementing RUBS programs, things like that.