I live in Virginia, and need to create an LLC in Florida.

Try to find something closer to where you live and don't rush.

We live in the Erie, PA area.

Essentially, the cap rate is the proportion of Net Operating Income (NOI) to the property's value or selling price:Cap Rate = Net Operating Income (NOI)/Property ValueThis ratio offers a direct method to evaluate the yield a property generates in relation to its cost.For advanced real estate investors, integrating additional factors might prove beneficial:Vacancy rate: The duration the property remains vacant.Operating expenses percentage: Includes insurance, utilities, and maintenance costs (excludes mortgage payments, depreciation, or income taxes).The adjusted formula for net income, incorporating these considerations, is:Net Income=(100 − Operating Expenses %) ×(100 − Vacancy Rate %) × Gross Income

There may be some exceptions for owner-occupied properties, but as we don't live in any of our rentals there, I have not investigated those ordinances.

Great addition Jonathan, thanks!

The property has been vacant for awhile, and any searches I do brings me back to the damaged/vacant property and no additional info. 

I am not a fan of investing out of the area you live in as a novice.

If I added an additional 3 units would expect it to be around $750,000.

Hello everyone,I currently live in Flushing, NYC and looking to purchase a primary residence in Allentown/Bethlehem/Easton PA.