I live in CA and drove that route for years to visit family in Phoenix, AZ. 

If I live a busy life and don't have the time or care to invest on my own, but want to put, lets say $200k to work, is a 15% cash flow return reasonable? 

Sometimes tenants bite, sometimes they don’t, but it’s worth a shot.Owner Move-In: If you’re planning to live in one of the units, you might be able to legally take it back.

Strengthen Your ProposalDevelop a Business Plan: Include:Vision: Your goal of creating a micro-home community.Market Research: Show demand for affordable or small-footprint living in your area.Financial Projections: Break down costs, ARV, and anticipated ROI.Experience: Highlight your previous fix-and-flip and demonstrate your learning curve.Present a Solid Development Plan:What is the size and scope of the project?

A little about me for context: I live in a very expensive market in Rye,NY. 

The FHA rules/regs (in particular the FHA self-sufficiency test) are applied the same across all markets, and I know for a fact that in rural communities across the country, and big cities that are not particularly desirable places to live, it's not a deal-breaker, I am not commenting on those areas. 

Live off of equity as you sell or live off cashflow.

Hey Chelsea,I’m originally from Washington too, and I actually lived in Milwaukee for 4 years during grad school!

However, I am thinking of having my parents who are retired living there part of the year and doing STR for the remainder of the time.

I did 7 deals last year from out of state living in Austin Texas.