Not a big difference but I do have some equity to free up that can be used towards a future down payment.My biggest issue is that I have great credit and would be more concerned about the potential negative effect of a credit inquiry, and might be better served simply using the good credit (as is with no further inquiries) in order to borrow a bit more (instead of a refi for extra down payment money).

Rezoning shouldn't be a major issue because its surrounded by residential properties. 

While I was able to purchase at a reasonable price, I want to be sure I am not blindsided by major issues which could kill the margin.

While searching through these post, I have noticed that the majority of the threads are about the Atl and surrounding areas.

BUT if something comes up like roof, foundation, HVAC, major plumbing or electrical that was unforsceen that could put you back another 6-15k and more.

Below are some of the major points to be considered:There are very few restrictions as to the type of real estate as long as it is an investment property.Properties purchased through your IRA can be financed.

The Lease needs to be clear in its definition of what you are trying to accomplish here which is that the Tenant pays for all of the operating and maintenance expenses of the property.In addition be sure to include an understanding of who pays for major capital replacements (not just maintenance) such as replacement of the heating and air-conditioning units, water and sewer lines, electrical mains, roofs, glass, etc.

The reason I'm leaning away from that option is because it was built in 1986 and I see some major CAPEX if I hold on to it for the next 5-10 yrs.

I would only add that while they are the majority player, Fannie/Freddie aren't the ONLY secondary market out there.

All of this stuff is a major headache.