Investment Info:Large multi-family (5+ units) buy & hold investment.

You have to be willing to sell your properties and access the equity to buy up. 

I’ve lived here my whole life and worked hard to buy a house in my parents' neighborhood, which is the most sought-after area in the city.

I was thinking about buying the land (maybe it is 20-30k for the .25 acre lot), finding a builder in the area, and seeing if I could build a ~1,250 sq ft 3/2 single family house and see if I could make the math work. 

Great opportunities to buy single family house and rent out the bedrooms.  

Watching the housing market you want to buy in and knowing the areas you want to buy and having the data to give you confidence to make a quick offer will get you a solid deal.

Just because other people might be getting away with it for now doesn't mean they couldn't crack down on you after you buy a property their.

I considering buying my first rental property there, and am an out of state investor.

He is on the market to buy and has expressed interest in our rental.

Quote from @Sean Pedeflous: I own a duplex in Fayetteville Arkansas and the city is buying part of my backyard to add a trail which connects to a great local park.