And, of course, check out financing options to ensure you're getting the best mortgage rates and terms for investment properties in the area.Best of luck with your search!

I've been looking at some of the online lenders (Better, Figure, Rocket Mortgage, etc) and while they offer a decent product, perhaps there is a lender who is local to Indiana that would offer a HELOC with better terms? 

Below are the figures:Purchase Price: $225,369.78ARV: $199,000.00Mortgage Balance: $209,099.44Great thing about wraps, however, is you can add equity, interest, and your own terms, which is what the borrower did here.Via adding $101,000.00 in equity, the borrower plans to sell the property for $300,000.00 for a 30 year amortization and have the borrower place a down payment of $15,000.00.

It has the added benefit that it greatly expands the budget for your rental purchase price.  

Being that I am do not in incorporated Palm Springs, I do not fall under the city's short term rental regulations.

Currently being used as a short term rental.

@David GarciaYou'll get denied for both your HELOC and your loan on the MF if you use those terms.

I would benefit from the decreased cost of living (effectively paying reduced or ~hopefully~ no rent), but also would take a greater role in managing the property seeing as I'd be physically living there.

If you rent it for a few years you will eventually lose that benefit.

Yes NY is expensive but long term wise it'd perform better then any Midwest property.