Once you have done it in your own backyard and know the demand of owning RE, you will be much more ready to buy out of state.

This is an investment property (buy/hold) that I'm planning to develop considering the new 2020 laws.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

It sounds like you have a great background for investing as well as assisting other real estate investors in buying suitable real estate. 

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Even if one of you find insurance that you think covers your interest, it might be easier to buy, than cover a claim.You also run the risk of due on sale clause, because you are potentially notifying your lender in the transfer of ownership.Now I know nothing about insurance, so I could be totally wrong, but that's what I hear a lot of the nay-sayers say.

I would like to buy a multi-family and convert into micro units to maximize revenue.

If you are looking for a more laid back and roundtable type discussion of all things real estate, you are more than welcome to join us every Tuesday morning on Zoom or Thursday morning at Kairos Coffee where we discuss everything from assumable loans, to creative buying strategies, to landlord tenant laws and pretty much everything in between! 

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Buying a turn key rental, in an area you know or knew well, with a property manager you've met and trust, in an area that is large enough for you to have other options to find contractors and property managers?