Knowing the area, I knew where I wanted to invest and kept my eye open for the right opportunity.

For the rates as low as they are even his prices creep up people are able to catch flow.

But how, they provide business and feed a lot of the local families who contribute even further to the local economy.Not many folks run their rentals from out of state, majority leave near by and they rent out their secondary homes, manage them selves.Certain percentage even moves in campers on the property or out to campgrounds for the simple reasons to make it trough and get more income.Just laying points of view.Living in a seasonal tourist town near national park is a challenge on its own...To begin with house prices have never been cheap...Curently your "starter homes" are in the 300k range and in my eyes a lot of them are full gut remodels....I can't say when was the last time numbers for LTR made sence around here...

From a lenders eyes the first thing I would make sure you are doing is figuring out where your current DTI is and making sure there is room to add additional mortgages with or without renters in that property.  

I also know that the lower prices to be found in NY have a lot to do with there being older buildings, higher property taxes, tougher neighborhoods, less appreciation, etc. which I know I will need to incorporate into deal analysis accordingly and understand the risk of.Summary: I feel that with having to put 20% down (FHA loan house-hacking is pretty much out of the question in NYC due to the astronomical prices here), buying a property in New York may be more attainable with my current savings and would allow me easier access to visit the property, however I don't think I could afford the quality of property I would like (close-ish to turnkey) in Florida.

Reason #1 it would give you monthly eyes in your property rental. #2 I think it would help lower the repair cost for a turn over. #3 If the tenant moves out without cleaning the property it shouldn't be that bad.

And bear in mind that a lot of home inspectors aren't going to catch everything anyway.

Or do something a little more creative like using a 203k limited loan to incorporate some of the larger costs (Furnace Mainly) directly into the mortgage vs out of my pocket in the future. 

Hopefully rents will continue to catch up and help the rent/price ratios get back to normal in a lot of the neighborhoods, but we will see how it plays out. 

I would say keep your eyes out for areas around the new 540 highway being built.Most of Raleigh and it’s suburbs are experiencing this quick growth and increase of population.