Seems like it would be a good place for economic development.Cool city, with great prices and really not all that far the the "Big" Cities.Probably has a good workforce of hard working people.How do you feel like your economic development board is?   

A novice going out of state to start is an absolute recipe for an unmitigated disaster -- just look at the out-of-state threads on this board.

Convert the Property to a Primary Residence: If you live in the property for at least two of the five years before selling, you may qualify for the primary residence exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples) from taxation.4.

If applicants can't qualify on their own, I don't rent to them.

To reduce your tax bill, consider qualifying for Real Estate Professional Status (REPS) by spending 750+ hours on real estate activities, which reclassifies losses as non-passive.

Well....should you invest in a city where the people elected a woman with foreclosures, liens, judgements, garnishments, ethical violations from the state ethics board,  misused a city credit card, went three years arrears on her federal taxes all while yelling for other people to pay "  their fair share, " left skeletonized dead bodies hanging over Canal St for months on end covered only by a tarp until the wind blew it off to reveal to our horror her blatant disrespect for human dignity?

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

If you're near a medical and/or law school, monthly rentals are preferred by those who are preparing for board exams over vacation rentals as well as by visiting professors. 

The DSCR wouldn't include renovation funds unfortunately and property has to be in livable condition to qualify for the DSCR loan .

You can roll the 403b’s into a self directed Ira or solo 401k if you qualify.