Cant find anyone in NJ to work with... might have to move to miami to work with you lol Rentals in the mid-west has been and is still the play, I am from LI originally, have not touched that market in 15 years.

Rates in the high's to mid 7's.

I think if the market makes sense, you can also try mid term rentals or college student housing.

If zoning is a challenge, it could still be a really attractive mid-term rental and there's some other creative things we could do to make it as attractive as possible to the investor population here.

Are you thinking of more cold, warm, or mid-weather climates?

As far as purchasing a new home as investment, you are allowed to rent that house as Longer Term whole house, Rent By The Room (usually called SRO for Single Room Occupancy, CoLiving, or PadSplit model), Mid Term (30+ day rentals), or Short Term rentals. 

Depends they have expanding zoning regulations but mostly for ADU's and then its complex - same across most of the mid-shenandoah. 

welcome to bp, your sentiment around leverage is 100% correct, and I'd challenge you to follow your own advice and use that leverage to put as little as possible into the real estate rather than the coveted "pay cash for it" or while one can pay cash, utilizing your w2 to refinance is a unique skill and ability you can have.house hacking in the mid west is where its at for sure.

@Joseph Hummel if there was a heat minimum, would that make every building from the Mid Atlantic all the way down south in some kind of violation if their buildings have no AC?

You want mid range houses; nothing too expensive to sell easily.