As for the third target market, Sacramento is close to you, it's a state capitol, relatively inexpensive, two major universities, great local culture...

Addressing Housing Demand -California’s housing shortage is well-documented, and SB 9 directly targets the problem by promoting small-scale, incremental density increases.

Capital Appreciation StrategyInvestors who are looking for long-term growth may focus on capital appreciation, targeting properties in rapidly developing or gentrifying areas.

With enough knowledge you can make a educated decision on which approach you take.My experience:I personally don't sign up for any program who take you aside during events and try to sell packages that is just blatant sales strategy.Once you sign up there is every attempt to make you sign for their programs for bookkeeping, registered agent, LLC or corp setup fee which have ridiculous even with platinum membership.Basic standard structure they suggest to take advantage of multiple deductions can be easily achieved by proper education or work with a good firm like https://wcginc.com  who is local to you.A umbrella C-crop to manage all other LLC properties and take advantage of many tax deductions that are not available with a llc, its also used to take losses up to 100K as startup expenses and dissolve the entity after few years.Few LLC entities for investing in Real Estate, etc preferably in Wyoming or Nevada ( you can find many companies online who can do this for $150 compared to anderson $1500-$3000) , they will claim they have a secret Operating agreement which is bogus.They certainly try to take advantage of tax loopholes and claim to be smart people, my view they are just taking advantage of numbers as per their own statements.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Real estate agents, property managers, and contractors who specialize in your target market can save you time and money in the long run.

The best projects I've seen from my desk are folks who are doing hyper-targeted, well-researched deals that are generally in higher cost of living (there are exceptions) areas. 

This is expected for the time of the year.Rentals - Months of SupplyAbout 1.6 months of supply for our target rental property profile.

That said, I'm grateful for the alternatives you present--you're keeping the bottom line in mind, so I appreciate your help in exploring options that achieve the bottom line for the investors. 

Durham tends to offer slightly better cash flow opportunities compared to Raleigh, especially if you’re targeting neighborhoods that are up-and-coming but still affordable.