I think you're on the right track with Lowell - that's consistently been one of the most affordable markets in the greater Boston area when you consider price to rent metrics.

You don't want to put yourself in a position where you are paying down two forms of debt for one property unless that property consistently cash flows to meet those numbers and has a low vacancy. 

My current portfolio consists of 8 units, a fourplex, a duplex and two SFHs, in 3 different states.

I agree with what @Jaycee Greene said, having local connections accelerates all aspects of out of state investing.

There are two aspects to being an investor in a Reg D 506c offering who’s unaccredited and did not provide sufficient proof of accreditation (one could possibly obtain needed docs and in this case the sponsor would be the victim  of fraud).

I wasn’t really considering the appreciation/depreciation aspect at all.  

In the meantime, I just need to keep working consistently. networking and building my team.

My experience indicates that solid due diligence upfront on the economics is the critical factor, the tax aspects often take care of themselves with only modest planning.

Everyone thinks they can become a millionaire fast, and skip all the discipline aspects of it.   

.- Stay Consistent and Follow UpWholesaling is all about persistence.