It's also worth speaking with a local real estate agent to identify the best neighborhoods for rental income potential.

Because my DIT is low, maybe Case 2 for fourplex is my preferred loan type than Case 1 if I want to invest locally.

Looking for potential analysis pitfalls, offer strategies, analysis metrics, discussion of local market conditions, and general networking/camaraderie. 

Quote from @John Paul Palace: Our plan was to invest locally, however our market here is tough.

The key is balancing patience with strategic action—networking with local investors and analyzing deals will help you refine your approach.Good luck!

@Darren Samson what kind of loan you can use is a question for a local lender. 

If @Drew Sygit doesn't have a local person for you, I have CFO clients in KC, MO that have used this firm: https://propertyvaluationservices.net/services/protest-taxes...

your comment around "approvals will be easy to get" gives me pays if you've not done this type of project before, I understand your logic, and I don't know your local municipality but it always seems to me that no matter how easy we think a project or approval is going to be, something always comes up.

Who is local in Miami, Palm Beach, Fort Lauderdale, and Sarasota and can speak to the market down there? 

I’d suggest reaching out to some local agents in the area.