It was not producing a return that justified the effort and this was a purchase made prior to the recent rate hikes and the crazy appreciation from 2012 to 2022 (so its return was better than if the property was purchased today).I do believe a local investor should do better than an OOS investor, but it starts with accurate/realistic under writing.  

@Kevin S.Yeah I mean, maybe... in my experience permitting has everything to do with local governments being able to increase your taxes for each and every improvement.

If the numbers doesn't make sense for you locally, you should explore OOS investing. 

I reached out to a local bank that knew the property, and asked for the commercial lending department. 

Contacted local DSCR loan officer and was told the best rates would be 7.325% with 30% down and that’s with two points.

I invest locally in Columbus and Cleveland.

absolutely there are things that are specific to your area that he would recommend to attend your local reia but over all he give a immense amount of info from day one to the end so to speak.  

Michigan might be a bit easier to start with because you may have more knowledge about the local area and market trends, but starting there could potentially slow down your move to Florida.

Just search for that term, get plugged into local real estate groups in your area, and seek out training or an instructor on that subject.  

Find out about investment meetups and groups in your local area, and find out if there are any players that bring in partners.