i found in my build projects that started just before and continued through the pandemic prices rose. everything but lumber became sticky IE they rose but did not fall..

If you are just getting started here in Chicago, house hacking is the ideal situation.

Since you're open to markets beyond NYC, you might want to connect with local investor meetups or REI groups in those areas to build relationships with agents, wholesalers, and lenders who understand the nuances of each market.If you're looking to break out of analysis paralysis, maybe start by narrowing down one or two target markets and running numbers on actual deals.

Live under your means and start thinking about investing in Real Estate.In your position the thought of finding a duplex to house hack, live in one side and rent the other. 

Your financial background is a huge asset, and it’s great that you’re starting locally in Milwaukee while keeping an eye on future expansion.If you’re looking to connect with like-minded investors, the Rental Property Association of Wisconsin is a fantastic resource for networking with rental portfolio owners, accessing legal resources, and finding contractors. https://www.aasew.org/For mentors, funding sources, and flippers, the Milwaukee REIA is another great group to explore. https://www.milwaukeereia.com/I’m a member of both and find unique value in each—maybe we’ll cross paths at a future meeting!

Engage an investor-focused realtor/broker in your preferred market (this is not a residential realtor) and start 'tire kicking' the market and properties that fit your criteria.

:)General question here: I invest in long term rentals in Memphis, but I live out-of-state in NYC, so I was wondering if anyone had any general advice about starting an LLC in my situation.Would you form the LLC in Tennessee or would you recommend forming the LLC elsewhere?

Start with BiggerPockets Ultimate Beginners Guide (free).

Any advice you would give to someone first starting out?

Over the course of using Bigger Pockets I have had very degrees of opinions on who I should vote for concerning a post.When I first started using Bigger Pockets, I was too naïve to even think of voting for someone that took the time to answer one of my post.