I will use the 2 weeks off I have every month to researchI have owned a rental property in the past and it was extremely lucrative for me, and I didn’t even know what I was doing then haha! 

If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying.

Something I discovered recently is; if you have a QBO Accountant start your company and allow the Accountant to get billed, you will get a 30% discount even after one year, but if you create your QBO without a QBO Accountant you disqualify yourself from their Accountant discount. 

Even with the balloon, this is more typical for owner finance. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

@Kasey Hardt very interesting,  didn't realize this was a pattern but even I've got friends that are getting recruited to the area for medical device startups etc, so could be a very interesting trend to watch.

If you are able to manage it yourself, I think you will get a lot of very helpful education in real estate by spending a least a year or two doing that.You'll be able to work with property managers a lot better if you've done the work yourself for a bit, and it also helps to get familiar with the various laws and regulations you have to comply with as the owner, even if you do have a property manager in place (e.g., the new RI rental registry and associated lead paint inspections/certificates).It's up to you whether you're able to do it, but I think you'll get a lot out of the experience if you can try it for a year or two.

But SFH are already seeing renewals at 2%-4% and release rates up at least 5% YoY...that number is even higher on some luxury ($3k+/m rent) homes as those are harder to find.The rest is entirely speculative.

Options like conventional loans (3% down), FHA loans (3.5% down), and even no-down-payment options like VA or USDA loans could work for you, depending on your eligibility.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.