Not sure yet...still studying the thing

As @Bill Brandt indicated, virtually every economist’s study indicate rent control is bad for the majority of tenants and the neighborhood, but politicians continue to pass it in new areas.

@Yang ZengYour situation presents a common dilemma for real estate investors: deciding between investing locally where you might be more familiar with the market but face high property prices, or exploring out-of-state opportunities where properties may be more affordable but come with their own set of challenges.Here are some considerations:Risk Tolerance: Take into account your degree of comfort and risk tolerance while managing properties remotely.Objectives: Specify your investing objectives, including cash flow, appreciation, or a combination of the two.Market study: To fully grasp the development potential, employment opportunities, and rental demand of prospective out-of-state markets, do in-depth market study.Hybrid Strategy: Another option is to choose a hybrid strategy, where you invest in a combination of local properties for stability and simpler management, and you set aside some of your portfolio for out-of-state properties for diversity.Before making a decision, it's essential to consult with real estate professionals, conduct in-depth market research, and possibly network with local investors in the markets you're interested in.Remember, there's no one-size-fits-all answer, and the best strategy depends on your financial goals, risk tolerance, and personal preferences.

- Classical.

You will probably want a cost segregation study done to get bonus depreciation.

Having a diverse portfolio of assets can aid in risk management.To make decisions that are in line with your retirement goals and financial well-being, you must do extensive study, maybe with the help of financial specialists.

I have been studying and researching sense, but I'm still very intimidated by the thought of purchasing real estate site.

At least here in Colorado, the licensing courses cost $400 minimum and are for 168 hours, plus time studying for the exams and cost of exams.

Whether the home is 800 or 1200 sf you will still need HVAC, electrical panel, kitchen and baths etc.Be an interesting case study. 

Yes, it is possible to get a cost segregation study on a property placed into service in the past.There is potentially a requirement to file form 3115 which basically says that you screwed up the depreciation in the past and are therefore recalculating it.