I'd highly recommend house hacking in your local market since you're in one of the highest cost of living areas in the US, especially if you're renting currently and planning on staying in the area for 5-10 years.It sounds sexy to go out and invest out of state for your first property.

I live in the Newark area.

The wear/tear is much less for STR because the guests do not live their full-time.   

Financial freedom isn't simply about replacing your current income, because inflation continuously drives up prices, making a fixed income insufficient to maintain your standard of living.

My mum currently lives there, she is 80 and not very well, but you would also become a tenant in common and as such if you had the time you could profit 100% from the transaction, as I need cash urgently and am willing to heavily discount the asset.I am wondering if there is a market out there where someone wants to get a foothold in the London market by buying my part of the property.

I have a client that bought a condo to rent after living there and the HOA ended up outlawing rentals.

So they will rent without buying even though buying is available to them but they dont want to live where its affordable.

(or if they're primary buyers, they don't care about yield, since they're going to live there.)i just went to visit two very distressed properties yesterday that i would buy.... if they were priced 50% lower.  

@Jay FayzIt's possible to use an FHA loan with a 5% down payment, but keep in mind that the loan is intended for primary residences, and you'll need to live in the property for at least a year.

You want to focus on areas where you have a competitive advantage (you have lived there or you have family and friends there) and then compare those areas against widespread list of great areas to invest.Good luck!