If the seller is insisting on a high price with not-so-hot financing terms, though, this may be a riskier project than it's worth.

With 7 properties I would highly suggest getting a PM software to help you.

But for the vast majority of investors the burn out caused by high evictions, violence, domestic abuse, unemployment, life crisis of tenants, intentional property damage, drive by shooting, illegal activities, use of weapons, police raids, police neglect of neighborhood, etc. results in investors desperate to "get out" after about 90 days.  

I specialize in small multifamily properties and house hacking working alongside BiggerPockets podcast guest Andrew Freed to help investors find high-performing deals in Central MA.My Background:  - Started in late 2019 I utilized an FHA loan to get my first 3 family property in Fitchburg, spent about a year fixing it up and soon after I refinanced. 

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.

Short-term rentals (STRs) are highly regulated, particularly downtown, so areas like Mount Pleasant, James Island, and North Charleston may offer more flexibility.

Looking for one on a high end property in Abilene that needs to be completed.  

@Hunter Duplantis what @Gino Barbaro said is exactly what I was going to suggest.When you have vacancy is the time to experiment and apply your original thesis.I’m not trying to play Monday quarterback here but, you should be highly confident in where the rents should be well in advance of having a vacancy.That being said, after confirming competition rents on websites (I’d also recommend Craigslist and Facebook marketplace), you should be in alignment there.  

I would also consider MTR in these markets as it is highly profitable with less turnover and more options for guests.

You only get one shot at retirement so I'd highly advise at least having a conversation with a financial planner.