New investor looking for advice about investing in Miami

[Luis Rincon]

Hello BiggerPockets Community,

I am interested in investing in Miami but realize I have a lot of questions that hopefully some of you can shed light on. Between me and my potential partner we have about 75K cash and believe we wouldn’t have a problem obtaining a loan given our incomes and debt to income ratios.

We would like to start with something like a BRRRR strategy where we would by a place (single or multi family), renovate and rent it out.

The barriers we face right now are we don't know what area would be best for a potential investment, what price range we're looking at for buying a property, and the amount of money that would be needed to get that property to a good ARV and rent it for profit.

I realize these are questions that may make many of you think “yeah if we knew that this would be easy”, but hopefully some of you can guide me towards the more specific questions I should be asking myself or my first steps to move forward.

Thank you very much,

Luis Rincon