(Maybe the seller has a great interest rate, but you would have to pay twice that amount which wouldn't be profitable.)11) Crime in the neighborhood. 12) High turnover in tenants (raising your expenses.)

Brandon Turner's Rental Property Investing book is an excellent primer to understanding the happy path for purchasing a property - however in this market it really comes down to having bulletproof assumptions on rents/taxes/R&M/etc. as with rates as high as they are/inventory as low as it is, there is less cushion in your returns if you analyze properties with bad assumptions.

For jacksonville I would highly recommend Elenis at Thirdstone Properties. 

These are what we call "A-class" markets—areas with strong fundamentals, high demand, and typically excellent long-term appreciation.

If you go into A/B Class the rents are going to be too high to justify doing section 8, meaning market rents are higher than Section 8 is able to pay.If you go down to D Class areas you're going to attract terrible tenants and it will be a nightmare. 

I would venture to say very few landlords correctly hold their deposits based on local landlord/tenant law but as long as the money doesn't walk away and is not wrongly withheld from tenants its highly unlikely wrongfully storing the funds will become problematic.

If you have one high earner as a W-2 I would recommend the other switch to managing the Real Estate side of your wealth ASAP. 

Prices, generally, are too high.  

In reality this strategy still works, but we are having to leave more of our own money in the deal because prices are high and/or rent won’t justify maxing the cash out refinance because interest rate is high.

You mentioned price, are you too high?