What is acceptable in one region may be totally different in another region. 

Or invested in any mid size mid western city in the last 50 years.  

We manage in Jacksonville and South Florida.

I was able to get a very good appraisal after all work was completed and make it a successful cash-out refinance, as well as hold it long term as a positive cash-flowing asset.What made you interested in investing in this type of deal?

I'm looking to learn from investors who've been successful with this strategy in the area.

@Nate Garvey it was great meeting you in the real world.

Then, if all this looked good, I would ask for cosignor.

My wife and I started out by house hacking in Branson.Our first deal was a duplex “House-Hack” - nothing fancy to most, but it couldn't have been a better start for us back in 2016.

Rates are at 7.5%, cap rates in my area 5.5%. 

You will want to find out what the regulations are for the state and for the area you live in.