We've always loved that area, and feel like we should go where we want to stay permanently.

Those can eat up profits quickly.If you fall in love with the property, you have to get it rented and refinance the hard money into a more permanent financing vehicle (whether conventional or commercial).Rates on the hard money run anywhere from 8 to 12 with points running around 3 to 4 depending on the loan size.Like I said, there are lots of scenarios on these depending and those generally are affected by the 3 C's, Credit, Collateral and Cash.  

Then use that cash to build a portfolio where you ultimately settle down on  more permanent basis.

(Rent*0.6) is my absolute max permanent P&I payment.

Now that I am coming back, VA Beach will be my permanent home.

Vacationers don't care about schools nearly as much as permanent residents with children. 

Is it permanently ruined?

., there are a total of 17 building systems, including, among others, plumbing, heating, fire escapes, elevators, kitchens, bathrooms, pointing or exterior surface repair) are completely replaced when the building is 80 percent vacant, units subject to rent stabilization can be deemed permanently exempt and converted to free market status.

We have moved a good amount over the last 5+ years and I wanted to wait until we chose an area that we would make permanent so we wouldn't have issues when moving from place to place.However with that being said my urge for wanting to begin investing is growing stronger and my patience for waiting is fading.

You will be able to slow down and cease operations in Houston when the time comes and hit the ground running in Idaho when you are ready to make the permanent move there.