I work with a real estate investor who owns multiple rental properties in Las Vegas, and a while back he shared some insights that might help.

I came across some critical information today that I think is important to share with you:

In the aftermath of the LA fires, it has become evident that some homeowners’ insurance claims have been denied or disputed...

You state the numerator is “units in the area” but that sounds like existing units, which is what’s calculated in Step 2.

We also own a LTR in Fayetteville, AR. 

Since you are on the Austin forum and stated you are from Texas, I would be happy to get on a phone call or have coffee with you to help you focus on the task ahead.However, let me remind you, I am neither a real estate agent, or lender.  

., to the best of my knowledge a Wyoming LLC can own property in any state, however the LLC must register as a foreign entity in that state. 

obviously that can get pricey and is why joining a team or established brokerage can be so helpful.I was lucky enough to have a family connection that is an established boutique commercial broker, and he was in his own words "drowning" and needed help. 

-- sort of depends where you live and if you want to invest out of state / have the ability to manage a team remotely, the best out of state investors are very active in managing their teams.

Let's of NYC investors look at other cities in NY, Rochester, Buffalo, etc... they can drive to them to see them, and they know the state well enough to feel comfortable.Most of the rust belt cities in NY offer cash flow as well. 

If you are out of state, why Cincinnati?