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.

I always a little under my target amount ( a month interest and half the cost of the attorney) so they can negotiate. 

They have carrying costs.

I am actually under contract on a property in Columbus, OH and weighing the pros and cons of self-managing vs. property PM because I cannot seem to find a PM that seems reliable and worth the costs.

Sellers are always going to look at more money down more favorably unless the agent explains the why behind doing the FHA, especially in a competitive market.

Lastly funding developer who has 3 subdivisions going in WA DC market. these are big time deals and with our funds for the soft costs  500 k to 1 mil on each project my client is going to make  sit down  but probably over 10 million net  life changing money and well we will do good too !!

I also suspect inflation will drive continued migration to lower cost of living / lower tax states.  

Wish you the best.If I was you, first step is evaluating costs associated with doing MTR and comparing with potential rental income to see if it makes sense to do LTR or MTR.

We almost went with a loan that we have to pay all the cost upfront and then get reimbursed on the back end and that was just not something we were willing to do.

My wife works for Ferguson, and I know many contractors, so I can get a lot of materials at cost.