There is a lot of dependence on appreciation rather than cash-flow.The main things I would consider if this was my deal would be: How long do I plan on owning, what exit strategies do I have in the even I need to sell before that? 

The main item is sure up your refinance monies with a bank based on loan amounts, your qualifications & etc.Depending on the amount of rehab depends on your power team above.Everyone gets checked out.Would suggest attending some reliable investment groups with good educational subjects not ones selling there packages.Diversified Investors Group and HAPCO are the most reliable in Philadelphia to attend.Let me know if you have any questions.RegardsJoe

However, make sure you're comfortable with the city zoning laws because ideally you'd be able to rent both the basement and main floor once you move out. 

Summer Timms you’ve got two main options both of which I’ve done.1.

I was attracted to this lender because there are NO hard inquiries on your personal credit report and they do not list this loan on your credit unless you default and stop paying on the loan. 

The anticipated appreciation is the main driver in a rental-purchase-hold there. 

Mainly learned my local LA market through trial and error, and now know the price points and zip codes of my market and whats good and what is not.

Of particular interest to me is local, investor friendly real state agents with access to the pre-foreclosure, short-sales and the likes listing off the MLS since this would be my main focus for the time being.I'll provide more details about the investment strategy when contacted.I'd be glad to hear from anyone interested.I wish you all a great day.Happy investing!

Thanks Dustin - I also have my main house paid in full, so I could pull cash out to buy more rentals.However, I'm not seeing good CAP rates in multi or single family properties in Phoenix right now (low supply and rents not keeping up with prices).  

I would avoid teaching topics that attract the gurus.