I have to admit the idea of OOS investing is a little intimidating for my first property, but your encouragement might be just what I needed to get over that self-limiting belief. 

Aside from the increased rental value, properties that are on water, or have a view of the water, are going to appreciate in value at a higher rate than the others.

I am looking into my STR options but from what I have learned this is a overflowing market in the area and the vacancy's are increasing so I may look into mid term and long term only.

The right renovation will increase your cash flow and reduce maintenance costs.What to Renovate?

Our monthly mortgage payment would increase, but we would still break even.Both of our car loans have an interest rate of 4.5%.

@Jerry Chilimidos, I see that you are self-employed.

Unless the borrower is self employed and takes a lot of expenses to show lower income on their returns then it usually makes sense to pay a couple thousand a year in higher interest (you can pay like 4,000 a year in additional interest for DSCR if you are saving 30+k on your tax bill kind of math lol)

Similarly, quality dividend-paying companies often retain some earnings to reinvest in their business, increasing the company's (and your) value over time.

The shorter the prepayment term has an impact on increasing the rate.4.

Where I got into my first big learning curve was when I bought my 8 unit, both in the increase in number of tenants and because it was a fixer upper with inherited tenants that had also been neglected and mismanaged for years.