On the first purchase we made, they took a lot of section 8 tenants to inflate the rents and we ultimately decided some of those tenants were destroying the property so we lowered the rent to attract the right tenants and once we had the bad ones out, we slowly moved the rents back up.

I actually have a friend who moved out of his first house (that still currently has a mortgage backed by a VA Loan), and was able to use the VA Loan for a 2nd time to built out another house.

Some out of the state flippers do not renovate they immediately put it back on the market with trash out done.

Also most subcontractors dislike multiple small trips for work so they will upcharge you for everytime they have to come back.  

Here's my dilemma - Looking strictly at cash on cash, it's quite low, and it'll take 10 years to get my money back.

Got property back needing about 25k of work to sell.

Also, tenants never care for things in a rental...so your new cabinets will soon have lots of wear and tear on them and you're back to square one.  

The appraisal came back within $7K from my ARV estimate and I thought I was set. 

I love getting a property to its sweet spot, build out systems and get a chance to sit back and spend any day I want hiking, sailing or hitting the beach with my family.

I am really struggling to decide what market I want to start off in with the choices being between my own back yard (suburbs of west Chicago), Madison / Southeast Wisconsin area, or Indianapolis.