,I have sold and been managing properties that are near the MIA and haven't had any complaints from residents who are living in them.

I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require  PMI which is an additional expense, and you also need  bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.

I live in the Newark area.

I have a client that bought a condo to rent after living there and the HOA ended up outlawing rentals.

I have changed my rental strategy to Co-Living (rent by the room).

One of the best ways to enter into Real Estate with little cash is buying a duplex and living in one of the units!

Since STR “lives” on reviews, being “right” because of the contract the guests signed might be the most expensive “right” you’ve ever experienced.So what’s left for the “wanna be” STR investor in today’s market?  

If you go into Central or South Scottsdale (Old Town) $1M will buy you a smaller, older home, OR half of a big, remodeled home (as alot of the Arcadia and Old Town area are turning over old small homes to be big beautiful homes in the $2.5M range and higher).There are options.....for both buying and renting, that would work with your situation.By the way....it's 51 degrees in North Scottsdale right now where I live. 

Having a property management company seems to be a good option for me since I am living out of state.

I was thinking maybe Houston because my boyfriend lives there and I’m there a good portion of the year as is, but I’m open to any good market.