While living with your parents can be beneficial, the desire for privacy is valid, especially with a family.

I'm confused, are you wanting to buy an investment property in another state that you will rent out, or are you wanting a property that will be your primary residence?

Regarding Rob Beardsley he grew up in Silicon Valley and learned about real estate and tech from his parents, who ran a real estate brokerage firm from home, thus he had a built-in mentors and good networking to start with in addition to the capital that his parents have preserved for him so he got a good jump start.

If the building is currently recognized as a single family residence,  then you are changing use and presumably will need to sprinkler the building and satisfy other fire rating and STC rating requirements not to mention the added costs of having to run mechanicals for multiple units, multiple kitchens, additional bathrooms etc.  

Put the profit towards a new Primary residence and ~$50k towards a rental property.2) Rent it out and eat the cash flow loss, hoping rents increase.

Hello @Tiffany AlfaroFellow Westchester resident here as well.

Went to a community College for diploma, then worked, interned and got hired in her field of study before graduating college with a bachelor's last month with no debts in a growing field with high demand and six figure yearly salary.She bought a primary residence 2020 with 3% down and house hacked, which allowed her to live rent free for 2 years while tenants paid down the loan.

Learn the latter and you have 98% of what you need for renting to a Section 8 (voucher) resident.

Quote from @Tanya Maslach: Hi allSome context:We have 1 LTR in Denver now, and reside there. 

Investment Info:Single-family residence fix & flip investment.