I purchased a property that needed a lot more work then intended.

I have 2 SFH, both purchased using house hacking.

However, I'm open to some legitimate data that suggests most investors purchase an investment property before they buy a primary.

Assuming a 340k purchase price that would be 34,750 out of pocket.   

We've essentially ruled out investing in our local community because we can't seem to find a good deal (we live about 1.5 hours north of NYC, so purchase prices are very high), so we are considering (1) investing out of state; or (2) investing in some northern NY localities (Syracuse, Albany, Rochester, etc.). 

Yes, there are definitely 15% down options available for investment property purchases!

The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV.  40k projected profit on a 600k project is too skinny for me. 

I have a proven track record of being able to identify a property, make the appropriate repairs, and have an ARV that exceeds the cost of purchase and repair.

I had a flipper come to me asking about doing a new development.He would need $240,000 to purchase the land from a wholesaler and then he would have his GC partner get the construction loan but they cant get the loan if their is someone else that has a lien on the property so i would have to collateralize against one of their assets which they don't have.

I actually purchased a SF house with a two story detached garage in a nice area of brockton.