My property in that price range bought recently is negative cash flowing. 

Generally speaking, you're really going to want to have an inviting in ground pool.

And if CA and such has negative cash flow but good appreciation.. then maybe I can find a place that has a balance of both. 

Lo and behold, many of said states will require the foreign entity to disclose owners/members and such, negating your desire for secrecy. 

Many people I speak with initially gravitate towards the "cheaper" areas because "numbers are better." 

Mid-term is more likely to work in any market than STR, but I think you would be surprised at how well an STR could do if there are no other options like that in the area (think people's parents or friends coming in for the week(end)).I've seen a lot of people grimacing at the net-negative house hack (it's just a product of rates and low inventory in a lot of markets) and this is one option to try to recoup some of that loss.

Speaking of team, focus on building relationships with a lender/realtor/GC early on.

LLC's separate your personal assets from your investments and offer you protection from lawsuits related to your property, they can help to establish a more professional image if you plan to expand, and they provide some flexibility on how you are taxed.There are some drawbacks, included fees and administrative work, but it's ultimately best to consider speaking with a CPA to determine the best option for you. 

Deception and perception play a major negative role.

It can be a separate checking or savings but just make sure to have a "holding" account where only security deposits are held for your sanity.I won't speak to liability since I'm not a property manager, attorney, etc.