Ive also noticed a big trend in private lenders originating 2nds and gap funding and whatnot.

I also know that if I manage the project well, it will come in near the original estimate and at worst between the original and the high estimate.

Values are holding strong, with sellers receiving an average of 96% of their original list price.Townhomes & Condos: Expanding HorizonsWhile townhome and condo sales dipped by 19%, the median sale price edged up slightly to $420,000.

Sure, the median time to contract jumped from 21 to 35 days, but with 95% of the original list price still being met, realistic pricing and a great presentation can seal the deal.Townhomes & Condos: Options Galore and Room to NegotiateTownhome and condo sales saw a 17.8% dip, and cash purchases dropped by 8.1%, showing a bit of a shift in the buyer pool.

Moot point then.But in response to your original question, no, I would not even consider climate in my choices for where to buy rentals or investment properties.

I've been interested in Real Estate for a long time now, was even a loan originator at one point.

We are all familiar with buying or originating a note and collecting  the interest until the notes pays off.  

(except not firing the PM sooner, oh well..)I also was thinking like you originally, that I would just keep putting 20% down on each, but each purchase taught me a new thing, and each opportunity presented itself at the time and I had to be open to creative ways to purchase, since not every property will be a perfect fit for traditional financing. 

Is there a reason you want to invest in real estate beyond your original statement?

This means that the principal balance of your loan is 78% of the original value of your home.