@Scott Weaner That is one of the things I am pondering.

For just getting started, a plain vanilla duplex (or simple SF) that cash flows and perhaps only has some cosmetic flaws might be more practical; the deal you are pondering right now some type of combo rehab/rezone/replat/buy and hold strategy that may or may not be possible or practical (albeit there may be potential but this is like a black diamond ski slope, to use an analogy, and you may want to start out with one of those green ovals for starters as an REI beginner).....move up to those blue squares, and maybe think about a deal like this in the future when you have the network, knowledge, and experience to see if it will work and how to make it happen....

What markets are you pondering?

It’s been great getting everyone’s perspectives on this; you and everyone else who’ve responded have given me some good points to ponder, which I’m grateful for.

Just some things for you to ponder before investing OOS.  

As I sat down last weekend and reviewed the plan and did my monthly finances I started to ponder the risk of my variable interest rate student loans, my upcoming wedding (August) and my real estate goals.

Hello BP,As expected the BP community stepped up and gave me some great ideas to ponder upon. 

This is an old article, but it kind of starts the conversation of things to look for and different options to ponder-https://www.biggerpockets.com/renewsblog/2012/12/2...I've always gone the turnkey route but if you are wanting to invest closer to you, like OKC, there may not be too many near you.

following and pondering....

Something to ponder - lots of unique older homes in some of those areas and a niche you may not have a lot of competition in.Anyways you likely have lots of options - the market seems kind of tight though.