As a lender that has also personally invested in many properties, I think both sides can get too greedy.

I think it helps to drive a strategy that if you can invest, build, flip, etc why not do it in zip codes with the greatest price per square foot where you can also find either land or existing inventory that makes sense?

Quote from @Eyal Goren: First time investing in Cleveland. 

It seems there is a great discrepancy over whether it is smarter to stay local or not for your first rental investment. 

Investment Info:Single-family residence buy & hold investment.

Happy Investing! 

A rider allowing for using your owner-occupied property as a short-term rental for a specific/limited amount of time is very different than an investment property being used as a short or long term rental 100% of the time.Also, telling your home insurance company that you STR your home occasionally does not give you extra coverage for those types of risks, it simply means if your renter burns your home down the insurance company isn't going to immediately deny your claim. 

Business Continuity: If you invest with partners, a properly structured key person insurance or buy-sell agreement funded by life insurance can ensure a smooth transition if one partner is no longer around. 

I've done this for a few clients, and my ops director does this for her personal property investments that are all held in different entities/holding companies, so it can be done!

We are a boutique firm in Chattanooga and every agent in our firm is personally involved in either real estate development, owns investment properties or flips homes.