Valuing your time and understanding your limits and skills will make a big difference in the equity you build, the quality of the work and your sanity. 

I saw my first building as a way to build wealth. 

Generally it's a mix between (a) spec builders, the type who specialize in doing in-fill lot's (b) investors, as it is a normalized flip strategy (c) owner occupants, especially in high desire neighborhoods, who are a-ok with taking on the project and even some are excited that they get to build a new home in often old neighborhoods. 

To invest out of state successfully, focus on building a strong local team (agent, PM, contractors), automating deal analysis, and using contingencies to protect yourself.

In general higher cost neighborhoods are safer than lower cost neighborhoods.

My client recently purchased a 3/2 single family house for $160k that was near turnkey and already rented at $1900/month and in a very desirable residential neighborhood!

If you want to build equity quickly, some level of hands-on involvement is key.

Quote from @Andrea Lucarelli: I’m interested in beginning my REI career with purchasing a SFH or condo in Cleveland area (safe neighborhood) to list as a furnished rental for travel medical professionals, supply corporate housing needs, or house temporarily displaced families for insurance companies.  

Building a real estate portfolio might be attractive, but if you're crunched for time, perhaps you could do private lending in a SDIRA or get into syndications.

It’s a little more work to set up, but if you get a solid property manager, it’s not as scary as it sounds.If I were you, I’d keep digging into the Capitol region, NJ, and CT—compare the numbers, and maybe even start building connections with agents or wholesalers in those areas.