I could come up with a down payment for an investment property in a different state easier than my home state at prices are pretty high in the 300-400 k just for townhomes.

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

High taxes.

I do not judge anyone that sees a high projected return and becomes interested.  

Many of my clients are high W2 earners who are taking advantage of the "STR loophole." 

I had 5 houses with them that were terribly managed (placing bad tenants, extremely high rehab costs). 

For example: We provide tax preparation and advisory services to people who invest in commercial (including multifamily) real estate, and high w2 earners investing in short-term rentals.

The Real Estate Guys do a great newsletter with lots of high-level information about the economy and how it impacts real estate.  

20% is not high for managing a STR.

We bought a property that we feel is assessed by the our local government too high.