I've been investing in multifamily for years and all our-of-state.

As mentioned one of the top is being able to get a new construction investment property and own it for the best years of the properties life.  

Right now for owner occupants, I have recently seen low 5's for 30 year terms. we might expect solid appreciation (7%+) in single-family residences (SFRs) and small multi-family properties over the next 3-8 years, though predicting beyond a few years is more uncertain.I've seen many local investors successfully increase rent rates over the past few years.

I plan on living there for a year and renting out after.

I know this is between you and family but just so you and others know, that state actually has licensing requirements for private money lenders.

Your first year will be awful! 

I currently own 1 SFR that i've owned for a year and a half and used my FHA loan on. 

They have itin number, been in the the states for 8 years and have paid taxes and will to provide tax returns. 

The example that was given to me was that if your property goes up in value $100,000 in a year, you would owe the irs $25,000 at the end of the year wether you sell the property or not. 

We generally have enough visitors around warm weather holidays and while kids are out of school to keep occupancy high but the rest of the year can be very rough unless..2) It's ideal to be located in or very near one of the things I mentioned above that attract visitors to the area.