As far as which approach is better [for your], it depends on your overall financial situation, the amounts for the property and run the numbers, and what your plans are for that property and future properties.Putting a down payment large enough to avoid PMI can make a difference. 

I’m in the design world myself and have seen a mix of strategies  some investors go all in upfront with full sets, while others take a phased or “just enough” approach depending on the market.Would love to hear how you all are handling it in 2025  what’s working, what’s causing delays, and whether cities are asking for more than they used to.Looking forward to learning from everyone’s experience!

What you call a "good deal" is different for everyone, it really depends on your definition and what you are looking for.

Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

I also ask the current tenant if there are any maintenance/repair items that need my attention, and I address that while they are still in possession.Oftentimes the current tenant will leave prior the end of the month depending on when the last weekend falls, which also gives me a few extra days to do any needed cleaning or repairs. 

I'd say it really depends on the property itself, is this a former tomoato or legal hemp facility that's pretty close to ready to go and used "out building" type setups? 

Depending on the ft2 of the house, the need for permits and unknown expenses, you need to be in the range you are at . . . over $100K and you will likely be underwater.

The structure also depends on your objectives. 

Mortgage lenders qualify you for a PAYMENT based on your stable income & debt payments.That payment includes amounts for the loan P&I, taxes, insurance and any PMI/MIP called PITI).The P&I portion depends on the interest rate, loan term and amount.Taxes & insurance depend on the specific property.How do you NOT know this as an agent?

Some of this depends on (1) the experience and expertise of the seller, (2) the time the seller can commit , (3) the seller’s negotiating ability, and (4) the sellers physical proximity from the property.