Yes, its' risky to have an additional house payment but you are spreading the risk by having more properties.  

The other one which appeals to me is a small multifamily, I like the idea of spreading risk, and living in one of units, possibly rehabbing it to, though that would be at least a year away (living elsewhere).I was a paralegal in Florida, not much value job wise here in Texas but I am familiar with a lot of the legal terms and contract terms.  

There are pockets and small multi family spread out throughout the triangle.

Bad debt, to be sure, because you're depending on getting hired as a W2 as opposed to taking the initiative to use what you've learned to build a business and an income for yourself.If I can borrow money at 4% and lend it back out at 12% or better, I'm getting the spread as income with, essentially, no "out of pocket".

The interest rate on my HELOC is adjustable and linked to Prime (currently 3.5%), no spread.  

Another option that is to scan social media, everyone is using it nowadays, plus its a good way to advertise what you do!

"Having a deal" ALWAYS means don't go to a HML without at least having a prospective property that has the spread (Acquisition Price > Rehab > Exit Price) that they will lend on.

I never invest for appreciation, which is what many people are forced to do in these areas.If you are in an area with very expensive homes or very low rents compared to home prices, you may want to consider long-distance investing and possibly long distance, turn-key investing.Diversification with turn-key rental propertiesMany people like to spread out their risk when investing and rental properties are no different.

They risk adjust loan rates by adding to the rate and spread which they will receive based on the underwriting which is a review and assessment of the probability and recoverable of the principal being lent out.

If you are able to have enough spread because you bought right, then you can find a good contractor that is expensive but good and just take out a HM loan or convention finance.