In high barrier markets, rents have gotten stronger but not the double digit growth we had seen, which was an anomaly.  

You’ll learn the ropes on how to be a landlord with a lower risk/higher quality tenant-base. 

But if your goal is to leave your day job soon, multi family will offer more cash flow typically.

@Cathy Ries Yes, tax planning before acquiring rental properties is highly beneficial, especially given your situation.

You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2. 

Hey Jeremy, thanks for reaching out and offering to help, I really appreciate it!

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

If you have a high 7 rate then it might be beneficial in the long run to pay it down if you don't want to put it in a 4% savings account or CD.  

There is a high concentration of those in Texas (about 2/3) but it is relatively similar in most of the markets we lend.