I would try to make a lasting impression so that I get an opportunity to see the next "deal". 

South and South East is less expensive, but you're not going to get the appreciation and my impression is it's not as good a tenant base.

One of my recent favs is someone who's Instagram profile read  something along the lines "0 to 500 units in 6 months".

Year over year we've seen impressive appreciation rates and often times investors are able to re-sell at a profit a year later with minimal to no work.

Those in other markets will not be impressed. 

If it is someone you know you can give them a straight return as if its a loan - can provide a lower interest rate to provide upside - it really depends on the lender and what are they concerned with and what is their risk profile. 

I was under the impression that FHA is first time home buyers.

Then you can transition others as they impress you.  

There are 85% LTV DSCR loans but expect a higher rate-sometimes 1% higher for the same borrower profile compared to a 80% LTV.

#McCormickI have some Youtube videos (link in my profile) that will help with some of your questions and I'd be happy to have a call to help walk you through the market and what you should consider when looking here.