If you're looking for an investor-friendly state, a low barrier to entry, and cash flow I would recommend checking out Cleveland, OH. 

Your work is worth a "dollar amount" to be credited towards equity.  

My fees are on the low end because I only manage on Okaloosa Island so I can personally go to each property and carry very little overhead.

And with a bit of luck you'll be in a position to use your low down money to start buying real estate while still in a W2 job and with a nice stock portfolio (of reits or whatever). 

It certainly would be sweeter with a low rate, but you also want a higher price so you could just get market price instead and call it a day.

He's staying locked into the market with his investments since his property taxes are so low, but if I invested, the ROI is so low. 

For example, I am a little concerned about some aspects of the business cycle recovery and a potential for a double-dip so I lean toward the safest part of capital stack which is debt (or low-debt equity).

@Robert RixerHousing shortage is a broad topic but as far as shortage of homes for sale goes... the Fed holding rates so low for so long resulted in 3% mortgages...

@John Seitz We have been getting our windows for a great price from Lowe’s.

Assume the triplex is not in LA, but $2,500 in rent seems very low.