Have you considered what property types or markets you're interested in?

Quote from @Noah Laker: I'm a local broker and investor, and manage 100+ Airbnb properties for clients.

Lenders often have strict policies when a property is in a FEMA-designated disaster area to protect their risk, even if the property isn’t directly impacted.

If there aren't any massive physical problems with the property, it appears you can grow income and equity.You might be able to buy this with little cash out of pocket if the seller owns it free and clear and was willing to finance nearly all of it.  

I own a property near Birmingham.

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?

I highly recommend an attorney to draw one up as each state and each property can have unique issues. 

I also own 4 STR properties that do extremely well.

.), worth of replacement properties, not $500k.

I would get a bridge loan to acquire the property if it needs to be rehabbed and/or closed quickly.