Could happen but very rare. #4 See everything you plan to buy in person. 

Investment Info:Single-family residence buy & hold investment.

They are not buy and hold forever type properties. 

Secondly, I'd chat with a realtor and get some recs on lenders to truly see what you're working with in terms of buying power.

What type of properties are you looking to buy?

Personally when buying rentals I tend to buy in neighborhoods that I feel like I wouldn't personally mind living in and when I look for tenants I try to look for people that not only pass my screening but also I personally don't dislike.  

Future land appreciation in this area might outweigh any tax benefits from buying in other areas, with a better (tax-wise) ratio.Before pursuing your plan, talk to a real estate accountant to figure out if you can, in fact, benefit from cost segregation.

Investors were buying at below 4%.

They will see a large pipeline of local deals, and they will buy some as rentals, flip others, and flip the contract (wholesale) a handful where it makes sense.

I wouldn't have any interest in buying something like this to hold since it would be so far negative cash flow wise on a monthly basis.