Working with $200k-$300k Cash

[Paul Berard]

Good afternoon Bigger Pockets forum. This is my first post, and of course I'm looking for advice. My wife, and I are taking the plunge into real estate investing, and I wanted to consult like minded individuals on a couple key items.

1) Location, location, location. I am fully aware that location is of the utmost importance. We have narrowed down are search to Austin, and Nashville. Both areas seem to be booming, and could quite possibly offer a good ROI. We would be investing long distance, and I wanted to mitigate as much risk as possible. Between these two locations which offers friendlier landlord laws, and the best opportunity in these uncertain times?

2) Price Point. In either location is 100k per unit doable?  I would prefer to purchase a couple units in cash instead of getting financing. I understand loan rates are currently at an all time low, but I feel safer about this strategy. We are not risk adverse, but once again mitigating as much risk as possible. I would like to try to find a multi family, or a couple houses that need minimal work. In either location is my goal possible? I want to go after steady cash flow vs appreciation over time. In the next five years I will adjust my strategy to incorporate appreciating houses, but I need to see the housing market even out.

I want to thank anyone that takes their time to respond. I understand time is money, and you spending even a minute on me is a blessing. GOD BLESS. 

-Paul B.