I know it's hard to switch gears and change strategies when the market shifts, but I wouldn't expect to find any solid "pennies on the dollar" opportunities on the MLS in the near future - it's just a different world now (for the time being, at least).I think you're probably on the right track with pursuing direct mail (whether you wanted to go for land, or your original type of multi family property).

By maintaining relationships with similar investors in my market, I believe I will be able to gain better perspective on the market and potentially buy/sell properties to the other over time (especially if they are an older investor).I lived very close to Germantown for 5 years, it is definitely block-by-block as to which areas are nicer and which are rough.

@Senad SalihovicIf you can afford to do so from a tax perspective, it will be best to make Roth 401k contributions.

.* Yes, I know the cost of equity is higher than the cost of debt from a financial analysis perspective, but equity doesn't have a cost on the P&L.

From my perspective, there isn't really a "best market for buy-and-hold"; rather, there are "the best markets I know really well, that fit MY own buy-and-hold strategy." 

But look at it from the other guy's perspective.

At least that's my perspective...  

From a rental cash flow perspective, however, it seems like less of a slam dunk.

That was more important the number of deals, because a long track record told them that the investor was likely a skilled operator who could grow and protect the value of the asset even if the market shifted over time. 

Does this mean that the shift away from home ownership is permanent or just another reason it's delayed?