We enjoy the local college sports (season tickets to basketball and football), travel, hiking, snorkel/SCUBA, fishing.  

I am/was a very small fish but you could buy anything and rent it out on closing day for about double the payment.

There are massive fishing tournaments on the lake hosted at a marina next door.

I have always wanted a place near the beach in FL for fishing but this was always the reason that held me back.

Hopefully you are marketing directly to motivated sellers and not fishing on the MLS.

I'm telling you this not to brag but help you see that if you become a big fish in a small pond it'll all work out.Hope this helps...Dubeman

I don’t have the time to fish for the best deals here, so I’d like to look somewhere in the midwest where I can buy a house for under 50k and not need to finance the initial purchase.  

As I go fishing and I find a fix and flip or a wholesale deal I wouldn't mine moving forward with it but my main goal is buy and hold to build up cash flow and appreciation.

@Michael RomanThe lifetime capital gains exemption is applicable to the sale of a) qualified small business {CCPC} shares; b) qualified farm property or c) qualified fishing property/business.A qualified small business must generate its revenues in the form of active income, which explicitly disqualifies holding/investment companies whose income is predominately passive.   

This, in my opinion is bass ackwards, know who rehabs and purchases buy and holds, learn what they want, then find the property that fits their needs.