In terms of areas, I would look west towards Bellevue, Pegram, Dickson.

It's a different world from when I started. 40 years ago landlording was the open wild west.

(For instance, if you live in one side of duplex in Denver, you cannot STR the other side, but you can do that in Wheat Ridge, just west of Denver.) -- If you're buying a SFH that has a separate entrance setup, you can totally rent that basement while you live there, but that most zoning does NOT allow you to rent two separate spaces once you move out.

It seems you are not familiar with the mid-west market, more like 1920s, its irrelevant. 

You should have a minimum of $15k in reserves for repairs.Your challenge is 1. finding a place at your price point (you might want to branch out to Bayonne, Union City, West New York) and 2. finding a vacant place or one with renters paying market rent.

Mostly because we have family/realtor there who have experience investing in West Lafayette.

For Tampa MFH I recommend West Tampa, Seminole Heights, and South Tampa.

There are several other suburbs east, south and west that are benefiting from everything the metroplex has to offer at a much easier entry point where rents keep up much better. 

The current market for investment promoters is the wild west.

The main hurdle that many of our borrowers face are the income aspect of it, especially expensive markets like the West coast.