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HELOC can be good for this situation - then you can pay it down and use it again for other life events etc. 

You start by mentioning your age... you'd need everything to go just right for the rest of your life to make, best case, $400 or less additional each month net cash flow. 

We lived in a little apartment above the garage and rented out the main portion of the house. 

How many people have the idea of buying a duplex to live in one side and rent out the other?

Phoenix boasts a lively market with plenty of opportunities for both novice and experienced investors to thrive in the fix-and-flip business.

We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes. 

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

Live way below your means and save the majority of your income.

I absolutely love both of these areas and believe there are great opportunities everywhere, whether you're buying to live or investing.