Defaulted SFR loans - 1st position only (this has been our bread and butter over the years and we will continue to play in this space).

Would this be the ideal market, or are there other rental options we should explore? 

You state that you have 20% - 25% equity position for safety, but you don't based on the information you gave. 

Utah County has the best new construction options in the state when it comes to real estate investing.I own properties in Utah, Salt Lake, Wasatch, Sanpete, Millard, and Sevier counties.

But like @Henry Clark said and others in this post there are options you can consider.

Coaching is a great option if you're looking to take action quickly.

Being a NYC resident (originally from Long Island), the price of entry in the area is on the higher end, so I've been considering some options in the NY Capitol region, as well as NJ and CT.

Be prepared that they will be promoting an optional mentorship program at the end.

First one defaulted and keep in mind they were maybe 8k a month positive.. average payment was 1.2 on the underlying sub to note. 

If you're exploring financing options for flips, rentals, or new construction in Tallahassee, I’d be happy to help.