If you never lived in the city, do not invest there. 

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

It can be an easy way to get into investing and solid cash flow and you can accumulate them quickly.

Subject too you can get in low cost or free but the risks associated come with the need for money, silent seconds can ruin your personal life and make refinances possibly impossible or can sink the investment throughout or after liquidation.

STR is half investment, half business; LTR is all investment.  

Investment Info:Large multi-family (5+ units) buy & hold investment.

Timeline: Start the process early to avoid issues with your hard money loan coming due.You should reach out to lenders who specialize in investment property refinancing.

I have around ~35-40k as of right now that I could invest.

This helps demonstrate that the property was acquired with the intent of being a long-term investment, rather than just a quick flip, which is important for the 1031 exchange to qualify.That said, each situation is unique, and there are exceptions.