These were financial mistakes we made when we were younger, and unfortunately, they snowballed over time.We currently rent but own a rental property out of state that cash flows $600/month and has about $190,000 in equity.

Being an out of state investor and having a full time W2 profession along with other responsibilities as a mom, this was exactly how I wanted my investments handled.

I know BiggerPockets has some solid templates for market analysis, but I’m looking for more specific insights into what data and tools experienced investors use to determine if a market is worth pursuing.A little about my strategy:I’m looking for a good balance of appreciation and cash flow (not just one or the other).I currently have a full-time W2 job but plan to transition into full-time investing within the next 5 years.Open to out-of-state investing, but struggling with how to track and analyze different markets effectively.What key statistics do you look at when evaluating a market?

We're an appreciation market, not as much of a cash flow market here, unless you're putting a large down payment or actively managing STR's.Buying out-of-state can get you more cash flow, but the tradeoff is less appreciation (usually), and cash flow can be eaten up by maintenance and expenses.

A lot of cities require you to get a work comp policy if you are an owner builder unless you hire all people with their own policies.

Quote from @Min Zhang: Hey Michelle, since you're looking at Section 8 investing out-of-state, I'd definitely suggest finding a property management company that knows Section 8 inside out.

Quote from @Red Smith: Sheriff Sales are conducted by counties, so each county will have its own individual rule set for how the auction is conducted.

California does not recognize real estate professional status but they do recognize a STR being treated as active.However, be mindful that California does not recognize bonus depreciation so your federal benefit will be higher than the state.

My problem i is my market is super expensive if I stay in the nyc area and I don’t have the confidence since I don’t have any actual experience to invest out of state do you guys think paying off my mortgage would be more beneficial than looking for more rentals .

Big things is be realistic on timing and maybe provide a mover and or storage unit deposit as they may not be able to figure that part out on their own.