Before taking the plunge, honestly assess your finances (income, debts, savings, and risk tolerance) and research your chosen market thoroughly (rents, vacancies, property values, landlord regulations).

I've been able to pay for all kinds of maintenance and updates with the money earned from the rent on the other side. 

Section 8 is a program for low income tenants to get government subsidy of some or all of their rent (at market rates).

I have social security income which helps but not by itself, and very good real estate sales income, however, even if I get licensed in the state I want to move to, they want a track record of income before a loan is funded, and will not consider my income from my real estate business here in Cali.

Let's break things down, hopefully, I am understanding everything correctly...Exit Strategy 1: Full Rehab and Rent IncreasePros:Higher ARV (After Repair Value): This strategy could potentially increase the property's value to $126,000, allowing for a higher cash-out refinance amount.Higher Rent: After the completion of the Scope of Work (SOW), the rent could be raised to $1,000, generating more monthly revenue.Long-Term Value: Completing a full rehab could increase the property's long-term value and appeal, making it more competitive in the market.Cons:Higher Initial Investment: The SOW budget is significantly higher at $15,750, requiring more cash upfront.Vacancy Risk: Asking the current renters to vacate for the rehab introduces the risk of vacancy and lost rental income during the renovation period.Longer Timeline: The rehab process and finding new tenants could extend the timeline before the property starts generating its anticipated cash flow.Exit Strategy 2: Minimal Repairs and Keeping Current RentersPros:Lower Initial Investment: With a SOW budget of just $2,500, this strategy requires less cash upfront.Quicker Turnaround: Completing minimal repairs and keeping the current tenants can significantly shorten the timeline to start generating cash flow.Reduced Vacancy Risk: By allowing the current tenants to stay, the property continues to generate income, avoiding the risks associated with vacancy.Cons:Lower ARV: This strategy results in a lower ARV of $110,000, which affects the cash-out refinance amount.Lower Rent Increase: The rent increase to $900 is less than what could be achieved with a full rehab.Future Repair Costs: Minimal repairs might not address all the property's needs, potentially leading to higher maintenance costs down the line.Financial Analysis:Cash Flow Considerations: Both strategies provide positive cash flow before reserves, with Strategy 1 generating $160 and Strategy 2 generating $148 monthly.

We did not need help in deciding what our investment niche would be; we needed help in creating and implementing a tax strategy plan for a married couple composed of a high-income earner and a real estate agent and business owner.

We did not need help in deciding what our investment niche would be; we needed help in creating and implementing a tax strategy plan for a married couple composed of a high-income earner and a real estate agent and business owner.

Investors utilized either DSCR loans or lenders that allowed short term rental income to be calculated for income purposes. 

We both have steady incomes, enjoy the area, etc. etc.

Otherwise, you have a penalty fee AND interest due from when the qtr'ly payments should have been made.So, in your case it might an incentive to get your return prepared and file as soon as possible to limit any late fee interest due.For those working a job with uneven payments, e.g. sales where commissions could be anywhere throughout the year, there is a part of the form (I think Annual Installments.. it was "AI") where you can try to show that you paid qtr'ly as your income came in.