Check with your CPA, the people setting up your LLC and/or your QI. 

Based on income alone, I could buy a 30k lot in sky harbor and build a 2 bedroom 1,400 sq ft cabin that generates 50k to 60k in rental income all day long (if not closer to 55k to 65k).   

But I find that most people want to invest in areas that are solid and that don't have bad tenant quality.

Quote from @Alston Ke: There are some posts many years ago about MSHB I'd like to know if anyone is buying any investment properties from them recently and your overall experience with Mid South Home Buyers.I’ve been investing with MSHB since 2017 and just bought another property recently.  

Unfortunately, people are going to lose their butts on condos unless they got them crazy cheap many years ago. 

So, there is even more risk.The things that you can do, include being properly capitalized, not be greedy, (in whichever way that may be defined in the county you are buying), know solicitation laws, know Dodd-Frank, the Consumer Protection Act, the S.A.F.E.

Where are you looking to buy in those states?

Too many people are sleeping on this.Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. 

Investment Info:Single-family residence buy & hold investment.

********************************The basic idea is that of you can make the same return on Treasuries with little to no risk, there is no incentive to buy real state.Some very large Hedge Funds are selling inventory at a loss, below what "current market" is.