And I know that a refinance would be the best, and most common, way to go. 

I have been looking into what kind of lending options I would be eligible for on properties for BRRRR or flips.

I really like OKC but it has tornados that kind of prevent me from looking further. 

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

When you said  "New Construction" I was assuming, wrongly" that you meant buying a newly constructed home and perhaps thinking you were getting some kind of bargain that created equity. 

A common misconception is that real estate properties under $1M have a smaller tax basis and therefore do not benefit from a cost segregation study due to the associated fees.

We’ve also found that at least one of the authorities (Jefferson county) started to run some kind of property specific rental comps which can also affect the max they’re willing to pay. 

No state income tax.3. property tax's some of the lowest in the country.4. quality of construction most homes are built with stucco and tile roofs and desert landscape compared to much of the mid west rust belt were its very common to be looking at houses that are 50 to 100 plus years old. and yards grow fast  snow sleet ice all take more wear and tear on your units.we do a lot in most of the mid west rust belt states. the prime motivation is price point and rent to price ratio for those aspects they are the best.

Thank you.Good morning, Joel - What you are describing is a very common practice on the private lending side of the financing industry.

As far as where to invest, this will be driven by the kind of investing you want to do and your long-term goals.