If less than two years, cost seg probably isn't a good route.

However, due to high property costs in our local market, we have been exploring opportunities in more affordable states, including Texas, Pennsylvania, Michigan, and Ohio.

Your thesis is basically rent low and accept less desirable tenants so I don't think that is the best thesis to base an investment off.

Cost to Rent vs Own and Return to Work PoliciesThis can mostly be attributed to the massive increase in home prices, particularly from 2010 to today, making people opt to rent for longer, especially today in the elevated rate and home price environment making renting the substantially cheaper option, on top of historically low inventory to choose from.

Quote from @Josh Dickson: Hello all,I've been flirting with real estate for a long time but due to my low earning potential, thus far I have never felt comfortable taking on the risk.

There are ways to mitigate the costs and protect yourself to the extent possible.

A good PM can often get higher rent to offset their cost because they manage at arms length compared to the owner who may be worried about charging market because it’s “too high”.

The Fed has to keep the Fed rate low.  

And that depends on how you view the costs. 

.- They asked for 100% upfront payment for the build and setup costs.