What I noticed so far is extremely high property taxes. 

My known options are hard money or private lending and then maybe doing a cash out refi, but rates would be high on both ends and will really cut into my cash flow. 

Demand is very high, both for rentals as well as for sale and this is probably not going to change.

I highly recommend them.  

Use caution when borrowing against your stock portfolio, especially if it's a high volatility portfolio comprised of individual companies.

I'm in New York but the prices (at least downstate) are much too high for me to make my first deal so looking more upstate and out of state. 

This video is a great start and includes a lot of sample images (good and bad).

Sure, mortgage insurance eats into your cash flow a little bit if you're putting less than 20% down but in the scheme of things it's really not that much.Also, you won't have 20% equity in your property in a year assuming you put 10% down unless you are forcing appreciation or you somehow get some high market appreciation.

Its money well spent land development is high risk high reward.. depending on Jurisdiction. 

Keep in mind that this comes with high turnover, and (often) students who will beat the hell out of the property!