As others have said, you need to check the regs in the area you are looking to make sure STRs aren't severely restricted.

Plus, Tennessee is a landlord-friendly state, which makes it easier to manage properties compared to more restrictive areas.There’s also a growing community of out-of-state investors looking at Memphis because it offers a great balance of affordability and return on investment.

As you know, we generally don't have such restrictions in Canada so I personally tend to look first at the environmental issues my own backyard before.

Borrowers are not allowed to complete any of the work themselves as sweat equity.Loan to Value Calculations:The original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.Purchase: For a purchase money transaction, the LTV is determined by dividing the loan amount by the lesser of the “as completed” appraised value of the property or the sum of the purchase price of the property and the total rehabilitation costs.Refinance Transactions: For a refinance transaction, the LTV is determined by dividing the original loan amount by the “as completed” appraised value of the property.Eligible Renovation:There are no required improvements or restrictions on the types of repairs allowed.

Given your residency restrictions and budget, focus on smaller multifamily properties in counties like Orange, Putnam, or parts of Rockland, where prices are more manageable.

Projects give us visibility on my projectsMy CPA can easily access the reports for tax preparation.

My best advice would be to link up with an agent with access to some off market inventory.

One thing to watch out for is that Atlanta has significant short-term rental restrictions in place, and while Buckhead is trying to secede from the city of Atlanta's governance, it has not been successful in doing so. 

If you're not careful, the administrative requirements can trip you up—but when done right, the savings can be well worth the effort.For those of us scaling our portfolios or actively managing real estate deals, the conversation about structure isn’t just theoretical—it directly impacts how we protect our wealth and position ourselves for long-term growth.What I’ve found is that many investors don’t realize how critical their personal credit is in setting up these entities successfully and accessing the funding they need to operate and grow.

I just requested access to Avery's FB so hopefully I can hop in there soon.