They should of told me it would be difficult :) Finding a home that makes sense has been a natural challenge.  

The nature of many deals won't make sense at anything less than 25% down. 

No person shall, in trade, in connection with the sale or grant or possible sale or grant of an interest in land or with the promotion by any means of the sale or grant of an interest in land, - Make a false or misleading representation concerning the nature of the interest in the land, the price payable for the land, the location of the land, the characteristics of the land, the use to which the land is capable of being put or may lawfully be put, or the existence or availability of facilities associated with the land."

So, not only will you need to find a suitable location, you will also need a extremely strong team that will be able to sustain the investment through the unpredictable nature of the city. 

It's NOT comparable, because every state is going to be different, as one state may have minimal natural catastrophes; whereas, another state may have floods, hurricanes, etc that are taken into consideration. 

I am a LEED certified architect and admire places like Portland that have adopted this strategy as a way of life.Keep me posted on your progress and lets continue to exchange info through BiggerPockets.Michael

What I would like to post again, which will help new landlords understand the nature of this business, is a piece I wrote many years ago, called the Tenant Phase.  

The definite nature of an irrevocable trust rarely makes sense when the nature of your future is not so definite.

The "lumpy" nature of real estate?

Naturally, though, a lawyer will give you better advice than me.