Depending on strategy I would rank them as followsFix and Flip: VB (I would focus on higher end Flips with bigger returns), Chesapeake (mixed but most opportunity for higher end Flips), Norfolk (lower end and older homes to me = more headaches), Suffolk, Newport News. 

I live close and that’s not a problem but any advice on n how to handle it?  

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Oftentimes, we would work closely with CPA to make sure how our borrower's taxes can be filed that would save them from paying taxes, but also making sure they can qualify in a lender's perspective.You would want to make sure your first few deals has an acceptable of return in order to lower your DTI and expand your investment portfolio in Real Estate.

Do you usually get close to FMR?

Hi Sarah, Great questions to ask before you close on your first rental property!

Similar product but lower down payment.

Super easy.Eastern CT Savings Bank, CTFairway Independent mortgage corporation- uses blockchain to close in as few as 5 days.

Can bonus depreciation be aggregated such that it makes sense to buy multiple lower priced properties with lower NOIs, rather than one most costly property with a higher NOI, and then improve all of them significantly thereby creating significant net losses on each property that we can aggregate together to get the maximum bonus depreciation on each property and larger deductible net losses to offset our LLP income? 

A lot of people think that rates are going to drop in the near future so they opt for lower prepayment penalties.