However, if this is your first flip/investment it typically is easier to do something local and then expand to further markets.

Perhaps do a case study with a hypothetical deal you think is typical for what you are looking at and compare it to the alternative investments you might use and their expected returns.

However, the road block I face is getting to a point where I think it’s an “ok” deal (meaning it’s not fulfilling the 1% rule, but more like 0.75% and little to no immediate renovation cost/typically a new build townhome) and then I start to question whether I could find a BETTER deal if I just keep looking.

I know when you make an offer you typically specify how you plan on funding the deal.

I’ve been scanning the market and come to understand as my first investment I’ll probably have to find an apartment/condo something like that and I typically hear of STRs typically making more cash flow etc.

Midwest cities with populations under 300,000 typically have cheap property taxes.

I find these to appreciate better than your typical LTR here which are usually in C/D class neighborhoods.I tend to look at each Real Estate opportunity as what its highest and best opportunity is. 

Helps with your debt to income, better opportunities at cash flow, and typically requires less down to purchase.In regards to challenges, I usually build in an extra 10-15% to deal with things that I can't see behind the walls, including dry rot, electrical or plumbing issues, etc.

We saw huge appreciation in the 2018-2022 inflation run up, but that has significantly slowed these days in my opinion.From a rental perspective your monthly income per unit after all expenses with a typical 20% down payment is likely $100-300 when you find a property that will cash flow.

But that's typical with new builds here.I think Elan was smart to list at 1800/month, but I do not agree it was under market - the fact that his rented quickly and there are others sitting for more than 100+ days tells you that 1800/month is exactly market value."