Once you hit a certain number of loans (check with your state dept of banking and finance or dept of business regulation), they might require you to have a license.

But I noted that places like North Tonawanda as @Pravit Jarriyapurttipong mentioned are actually outside of Erie County, it's in Niagara County, which follows the stricter landlord laws as New York State... https://ag.ny.gov/sites/default/files/changes-in-nys-rent-la...Would you recommend sticking to Erie County boundaries for this purpose?

The inspector for the buyers stated "this is a nice house" "done really well".

As for the third target market, Sacramento is close to you, it's a state capitol, relatively inexpensive, two major universities, great local culture...

My wife and I heavily considered investing out of state. 

Does it require a highway occupancy permit if its on a state road, in my area it cost me around $1000 just to get the permitting and design for my driveway entrance.

For me - my two cents are no amount of innovation can replace sound underwriting and valuation practices.Curious to others thoughtsI have nothing to say that you haven’t already most eloquently stated.   

Then just ask: Hey, since you moved out of state I was wondering what your intentions were with this house.

In its current state:Current NOI: $79,058 (based on 80% occupancy).Current Cap Rate (at $1.25M): 6.32%, reflecting the property’s as-is performance.Value at a 7.5% Cap Rate (Market): $1.05M, based on current NOI.Given the renovations, vacancies, and risks tied to stabilizing the property, I’m considering offering $850K to reflect its current state and value-add potential.

If you paid under $230k, you’d save $30k in federal capital gains taxes and maybe another $15k or more in state income taxes.