It was initially his idea to invest out of state, but looking at the current market potential of Fresno and California in general (new laws restricting investors to put offers until 30+ on market, etc) I agree with him that it doesn't make much sense to invest in local real estate. 

The properties that I’ve managed that have had 90 day restrictions took awhile to rent.

Jacksonville and Dallas are on my good list—robust markets, even if they're oddly low on your list.

You need to find a carrier that doesn't restrict Student Housing.

Some other countries do have restrictions.

As Wayne Brooks said above, anything publicly listed (REOs, HUD, Homepath, etc.) has already been seen by the agents who represent the institutional buyers.If you happen to get one of these under contract for a price below what another investor will pay (unlikely these days), you can definitely still do a double close, assuming there is no resale restriction from the seller.That said, if you have these large institutional investors in your market, you're probably going to want to focus on off-market deals that these guys aren't finding themselves.

In a competitive market like as Charlotte, using different tactics at the same time can also improve your odds of discovering profitable off-market options.

Please let me know if you continue to have restrictions accessing Pro Exclusive Tools and Services and I'd be happy to assist. 

In regards to the income levels, they way it works is the City will require a document be recorded against your deed that restricts the unit to tenants that make less than the amount specified. 

I like the Reno, NV area because there are very few building starts and it's geographically restricted by the mountains which is constricting supply forcing appreciation.