Buy where you intend to live, where you know the areas best.

People’s Republic of Asheville is more concerned with STR regulations than people living in boxes on the streets.

You might want to get in touch with @Andrew Freed and Jonathan Bombaci, they are locked into several of the MA meetups which are great ways to connect with other investors in real life.

Get a duplex and live in one side.

Not sure at this price, but maybe a sober living home or women's shelter?

I currently live in Phoenix, AZ but I'm looking to purchase land and put two prefab homes on it with my business partner.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

These policies also cover you in all other areas of life like car accidents as well.

I would love to hear any suggestions about where I should look to live in the area. 

I live in western washington.