The formula is simple and is as follows, 75% of gross rent - PITI = net rental income.If net rental income is positive its added to your total income and improves your purchasing power.If net rental income is negative then its considered a liability similar to a credit card or a car loan that you gotta qualify for.Some banks have "overlays," or additional requirements they place on top of borrowers when you have rapid acquisitions of multiple properties but by no means is 2 properties in one year considered "rapid," by most lenders, however 3-5 would be its an underwriter and case by case bank "call," to make. 

You will find plenty of other people in your exact position - CA, NY, or HI residents who need to look outside their own inflated markets.

A lease option puts you in position of principal.

However, I have a lot of experience and if you're just starting out you should assume you'll mess up the first few deals you do.Also, I'm in a position where I want to transition to being less active so I'm slowly transitioning into things like Syndications, Funds and REITS.

It’s hard to do sometimes but you want to spend your time with a positive mindset and moving forward.

Even with this prices, some triple deckers in the areas you mentioned still positively cash flow while smaller single condos may run at at a loss, depending on the terms.

That’s a tough bit for some people to swallow but if it gives you positive cash flow it will put a little extra money in your pocket as you are rehabbing the new property.The thing about your posting that really struck me was your comment about being out of a job in the next few years.

I would say that if it was a successful deal then I would do whatever it takes to maintain the relationship. 

Maintain and build upon these relationship by staying in touch and always responding to them as to whether a particular property is or is not a good fit for you and why!

I decided this would be a good order to do so because as an agent I can learn how the market works and apply that knowledge to my future investments.I've observed the BP community for a while, and I can really see how positive it is!