hey David,As a broker, I have several options if you're looking to only touch the equity in a second position lien on investment property. 

This will help guide your decision opposed to investing somewhere for a novel reason.for example for me it was cash flow, price to rent ratio, land lord tenant laws and availability of multi-families(Just to name a few). 

A multi-unit property was purchased for $140k. 

Curious why you want to focus on multi-state and not close to home?

I can say that with Phoenix, a multitude of opportunities can be in store for you if you invest in their market, network, or even just want to get familiar with it.What type of real estate are you into: fix & flips, buy & hold, multi-family, or something else?

Investment Info:Small multi-family (2-4 units) buy & hold investment.

We offer a unique, tailored experience, providing actionable strategies that are relevant to your specific goals, whether you're just starting out or already managing a multi-million dollar portfolio.

Investment Info:Office Space commercial investment.Purchase price: $1,100,000Cash invested: $25,00014,000 SF Downtown multi-tenant office building

I'm looking to exchange a multi-use property I own in the Bay Area for a multifamily property in Phoenix (looking at 15-19 units).

Perhaps there is an opportunity for us to work together.Thanks again for responding.If you're looking locally, I'd focus on markets with a decent amount of activity/inventory so that you have more options i.e.