Also, what can be rented out easily, in terms of size and number of bedrooms?

The initial work can easily be $10-20K + before you get any money back. 

Honestly even at the sub 300kpp I could come up with easily half a dozen areas in the state, i’d rather be in the Baltimore.

Not 100% accurate - some DSCR Lenders will use the lesser of the in-place or 125% of market rent - so in this case @John Asher if you would get it rented at $1,500 and the 1007 Market Rent is showing $1,000 - you would get credit for 125% of the market rent or $1,250 which should allow it to more easily qualify

Maybe, you can aim for a property with less of a down-payment and little equity used, should be easily manageable with the both of you.

We were looking at buildings in Berwyn here in the Chicago suburbs for 220k that are now worth 450k easily. 

for a 1 story or 2 story building not for a high rise or midrise. you can easily avoid by what floor you buy or build on in miami. suburban deals or on south beach sure but not in a city high rise development you won't be worrying 

The stats can easily show a high occupancy rate if it's an under served community - which makes sense if there's laws against it.  

For a project this size, a general contractor is easily a $10 million expense if you get stuck with a greasy GC.

If you are already up into the higher brackets, then it won't make sense to take a bit out every year since it will be taxed at the same marginal rate...Can't easily negate the tax obligations...