High taxes.

I could come up with a down payment for an investment property in a different state easier than my home state at prices are pretty high in the 300-400 k just for townhomes.

You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Many of my clients are high W2 earners who are taking advantage of the "STR loophole." 

However, some amenities consistently deliver high value because they attract more bookings, increase nightly rates, or result in better guest reviews.

Highly recommend.

For example: We provide tax preparation and advisory services to people who invest in commercial (including multifamily) real estate, and high w2 earners investing in short-term rentals.

The wrong property management approach will lead to the dreaded three:1) high drama,2) high turnover,3) high property damage.Use Household-led Property Management (HPM) developed and perfected for co-living.5.

This deal looks really solid to me, but I have only been looking at rental properties as high as $600,000 in discussion with my lender.