For example, should we focus on acquiring one high-quality property in a strong market, or would it make more sense to spread the investment across multiple lower-cost units in emerging areas?

Glad you're building your business while still active duty, that's a powerful move! 

However what happens when the tenant vacates and now the unit has to be turned over/takes a few months to find a new tenant and during that same period of time the sewer line goes and you get hit with that $15,000 cap ex expense in addition to the vacancy and turn over costs.

Quote from @Bryce Powers: I’m looking for a hard money loan to acquire an RV park alongside seller financing and was looking at this company.

Here are my two cents...I recommend starting in a market with strong fundamentals, such as steady population growth, an influx of major corporations or large businesses relocating to the area, an affordable cost of living, and high rental demand.

This deal highlights the power of well-executed renovations and a strong partnership in achieving impressive profits.

I do understand all recent syndications are struggling with costs and tenants struggling to pay, so trying to be patient for now.

You may run into issues with re-tenanting and it may take longer than you expect or cost more.  

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.