For your first rental property, starting in an area you're familiar with can make the learning process easier, as you’ll better understand the market and can handle issues directly.

I can just give you some data to guide your thought process.

Any advice on the process above would be greatly appreciated.

Do you understand the lien sale process? 

Thank you for the very thorough and clear thought process.

Cashflow, ability to build a team, landlord tenant laws, price to rent ratio etc.......were all factors in the decision making process almost a decade ago.Now,  I wonder why your approach is an either or view? 

Just make sure you understand how to underwrite a property or partner with a Hard Money lender that can manage the process for you. 

Smart investors first focus on finding quality properties—such as those in thriving areas of Brooklyn or potential neighborhoods around Manhattan—and then reverse engineer the process by improving management, optimizing rental structures, or enhancing facilities to make it worthwhile.

All beginners want to jump start the process... but real estate is really a get rich slowly process.  

One of the utilities, South West Gas, based in CA, gave me a hard time putting the account into my own name. after several calls, faxing the court-stamped eviction order, verifying my deed through the County, etc,  the operator finally agreed and started to backdate the account change to the beginning of the process!