Relocating to Florida to invest in real estate

[Bruce Tieu]

Hi,

A friend and I are thinking of moving to Florida from Denver, CO by the end of the year to invest in real estate. Our strategy is to purchase a multi-family unit that would allow us to occupy one unit and rent out the remaining units on a long term basis. While living there, we'd like to live for free, and after moving out, cashflow at a net amount $500-1000 and have a property manager manage it for us. 

What are some cities and neighborhoods we should consider for both good appreciation and modest to high cash flow? We are each willing to put down as much as $50k for a downpayment.

We are also open to considering other markets as well, but Florida is a place we'd like to live in. 

Any suggestions is appreciated. Thanks!