A lot of investors are flocking to Memphis for its solid cash flow potential, and you can typically see strong returns (8%+ cash-on-cash) here, which is a huge draw.The job market is another factor.

That will dramatically change the nature of the wholesaling business with the legal compliance factor that agents need to comply with.

Will factor this in our decision making process.

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

The loan on a property shouldn’t factor into the taxes.

I understand there are other factors such as pitch etc. but i am trying to get ballpark range. 

What are some key factors to consider?

Good location is a big factor.

And don't forget to factor in design/furnishings into your budget keeping in mind your ideal guest avatar.    

and yes, of course your budget needs to be able to factor that in.