In short, it makes economic sense on your residence, in very specific and controlled conditions. 

Once you have this team in place, you should be able to invest in any market confidently.As for picking a specific market - I would go after one with an increasing job and population growth.

If you anticipate negative cash flow initially, consider how you plan to address this situation in the short and long term.Before making a decision, it's advisable to consult with a real estate professional, financial advisor, or accountant who can provide personalized guidance based on your specific financial situation and goals.

It will depend on the type of property as well, for example cap-ex for a condo will be very different than for a 4-plex.If you're looking at a specific area in a specific city and similar property types in that area, you can come up with the average numbers that will work there.

Once you feel comfortable that you know where to want to invest and you have the funds for a down payment, all you need to do is get preapproved and start working with a realtor to identify a specific property.

If you have any specific questions or need guidance along the way, feel free to reach out.

While they are not specifically midterm rental leases, they are specific leases for people that are staying 30+ days and that is what you really care about. 

What specifically are the PMCs charging for that is restricting your cashflow?

If I were in your shoes, I would do the following:- set 6 months worth of income aside in a HYSA to save it for a rainy day (this will help shield you if you lose your job, or if something goes horribly awry with your investment properties)- open a Bank on Yourself life insurance policy (this is a specific type of high dividend paying whole life insurance where you can borrow against the cash value in your policy at any time and the money will continue growing as if you never took out a loan.

One would need to connect with a realtor, lender, there's inspections, there's needing a specific amount of capital to invest, tenants, property management, etc.