Or should I start looking for an investment property now to flip and use that money as a down payment for something I could even possibly pay all cash for and live rent-free?  

Granted you have to reside in the property yourself, but it's a great way to build net worth, earn passive income, and live rent-free (or close).  

My husband and I are transplanted locals just getting into real estate investment.  

Being a U.S.A. citizen transplanted to the north, you will have the advantage of already being familiar with - perhaps even understanding - the banking and lending practices south of the 48th.The best advice I can share is to reiterate the fundamental message given by Chad and others above and recommend you sit down with an accountant and attorney who understand cross-border taxation, liability and real estate to ensure you get the ownership organisation which fits your present needs, but which can be evolved to meet your long term investment goals while protecting your assets and minimizing your taxation.   

Welcome Steve.I am a transplant from Cleveland, but live in your neck of the woods now.

1. live REALLY cheap.2.

I'm thinking this is an appropriate gift for buyers who are transplants to a new city.An example would be for a couple in their late 20's who are moving from Iowa to Chicago.

This would allow you to live rent free and save for the next down payments when you need 20-25% as pure investments.The key is not get stuck on analysis paralysis!

Hi Mason,I live really close to you, in Bonaire.  

Hey Everyone, I'm Ryan Robbins, I'm 26 and a recent transplant to the sunshine state from the also sunny (normally), but much chillier, Connecticut.