You either need to choose a property that will appreciate a lot or you need to force appreciation by buying a property that needs work at below market value if you want to reuse your original money.Conventional lenders are going to want 6 months of seasoning before you can get an appraisal based on the after repair value.  

I would say this, by seasoned investor standards you overpaid for your property in AZ.

Keep in mind with FHA PMI there is an upfront 1.8xx% that you pay on closing then you also have monthly PMI and it never falls off the loan until you refinance(at above 20% equity).The reason I say refinance after 12 months is 95% of banks require a home to 'season' for 12 months between the initial sale and a refinance in order to take advantage of a higher home value.

There has been additional schools and plants built here, we have 4 seasons, and for the most part our weather is not extreme.

Secondly, go to all meet ups in your area and make connections and see if there is a seasoned investor willing to mentor you in exchange for work.

I'm well seasoned in the phila market .

Finding a lender that has a low or no seasoning period is something to track.  

It's the only place to connect with seasoned investors and learn about the real estate industry.Congratulations and I wish you all the best!

Unless the space has already been setup for each unit in the rooms, I would just build a laundry room coin operation somewhere in the building.Your business will be built on the college season, if you don't book all the rooms while students are preparing to attend college that season, you wont book it till the following season.

You're not going to cashflow on a water front property and you may have issues with seasonality and/or demand in a very tourist-driven area.If you have an idea of where you'd like to invest and what the numbers might look like, a good way to test the waters is to put an ad on craigslist showing a potential property with the rent you'd expect to get and see what kind of interest it gets.For my rentals in Louisville, over the past 6 years I've had anywhere from 2-3 emails a week to 30+ emails per day depending on the location, rental rate and time of year.