We moved into a nice house in Florida when I was a sophomore in high school.

Quote from @Stuart Udis: @Robert Ellis Location Location Location...There is limited land supply in markets with high demand and high barriers of entry.

Op ex ratio may end up being more like 45% or perhaps 40% with newer high quality construction.

For example, should we focus on acquiring one high-quality property in a strong market, or would it make more sense to spread the investment across multiple lower-cost units in emerging areas?

I highly doubt they are real.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

You have a lot going on and if you had a 457 you were a highly compensated EE.   

Ask yourself: Do you know ANY highly successful real estate investors or sales pros who sleep in, waste time, and still crush it? 

In a climate like this with high rates, probably better to use a Heloc so you keep the lower rate of your 1st lien.

I highly recommend you start going to meetups.