i suspect you'll say "too expensive," but out of state comes with challenges too, and getting crushed by deferred maintenance and overpriced contractors is actually very expensive.memphis in particular - to be successful there, you'll need a team and a strategy, not just interest solely because it's "cheap" to buy there. 

Investment Info:Small multi-family (2-4 units) buy & hold investment.

I am interested to know if seasoned note investors would recommend the better states to buy notes.

I am out of state (NY) but looking to buy a property in cash for rental income.

@Brian EastmanI just learned that when buying houses from Self-directed IRAs, we cannot depreciate? 

Bruce not sure if any of the brokers in your market do this :   they buy a box van  and put their signage on it.. and say this is a free moving van for my clients..

I’m currently buying a 6 unit that will cash flow 5X the amount in a short time period compared to the garage conversion.

Asking because you have 7% down and CMHC insurance and you can't buy a rental that you aren't living in with less than 20% down in Canada. 

We are also in an area with a low entry point for home buyers so someone thinking of spending $2000 or more for rent is also in the market to potentially buy a home as well which makes the "higher" end rentals a bit tougher to fill except for folks that are building their Dream home and not done yet or in OKC for the short term for a job or family situation.  

For example I can buy a run down house for $300k and put $100k into beautifying it.