Hi Davis,I live in NC but invest primarily in Greenville SC / upstate with my business partners. 

Here’s my situation.I currently live in upstate New York but am looking to move to Texas.

You won't find a deal where you live for free, but if you can live in a great neighborhood at a reduced cost of living that is a nearly risk free way to get started in real estate. 

For example it is my understanding that Big Bear allows it but whoever is managing the property has to live within 1 hour of the property. 

Quote from @Ericka Parrott: Hi Dylan, I live here in Atlanta.

We would buy a house live in it for 2-3 years then on to the next and rent the old one out.

I live in the Bronx, NY but my goal is to own an investment property in Philadelphia by the end of this year.

I have improved fair rental value and value by increasing the kitchen size; adding an island tearing down walls between the kitchen and dining area and living area, etc.It all depends on the particular property. 

We currently live in our forever home with both of our parents on each side of us.

.- The townhouse you're moving into is currently a rental, but you plan to live there two years for the 121 exclusion.