@Shaylynn O'Learyi understand the frustration of living in a high cost market and looking at the appealing price points in those other markets. 

There's a very specific ways to calculate FHA income, and it will be highly dependent on how the deal and your ownership is structured.

I am also looking for tax optimization as the business will require cash reserves and is a high risk business from a liability perspective.

We don't cover that area, but know that due to lower population density, finding a great PMC is difficult. 

(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.)

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. 

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.

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

For jacksonville I would highly recommend Elenis at Thirdstone Properties. 

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.