A big part of it seems to be the UBER high utility costs in Spokane: water, sewer, garbage (and sometimes gas), which we've learned that most landlord bear as a cost of doing business.

Assuming about $1000 for insurance and 10% gross rents for management, the property only cash flows $900 a year without any CAPEX or vacancy losses...because annualized utilities for this year will be $9500. 

His pursuit of my $3000 overtook the lack of common sense in giving a brand new investor or newbie $750,000 and saying to him go forth with my money and do great and wonderful things that I just know you are capable of.

It is common to use a percentage (5%-10%) of the projected rental income. 

No unit or Townhouse Building there on shall be occupied and used except for single family residential purposes by the Owners, their tenants and social guests, and no trade or business shall be conducted therein, which impacts upon or involves the use of, the common areas"I don't see where it explicitly prohibits STRs, but don't want to get on the wrong foot with the HOA.

@Darius Jamar SmithThe community will need more details to really give you the advice you are looking for, but international transfer of funds for REI is very common. 

@Austin Works Per option # 3 in my common, be specific about your investment criteria.

In your experience:What metrics did you utilize to evaluate a city?

If that house is costing me interest, taxes, utilities, HOA, etc then incentives could potentially save money.

Since you stated building in New Orleans, you'll have to find land that would allow for 3+ units, which is not common.