I'm talking to a few about eventually looking at long term rentals as the STR market seems to be pricing the locals out of the buying market.  

Contacted and agent from Zillow in the Austin, Texas market and they suggested the area.

That being said in any market you will want to do your homework and make good connections. 

And often the improvements to be made are raising rents to market.

There is a possibility I can get 3 houses for under 10k each but they aren't for sale and I would have to direct market to the owners.

@Edward Moore Golf carts are incredibly common in the Destin to Panama City Beach market. 

There are "rules of thumb" to operate by, but they are general guides that change with time and definitely change with markets. 

@Blake Yarbrough If you can structure the deal where you get the 80% financing with good terms and rate in place and it is a good deal meaning under contract with good terms, purchase price under market value and also being the asset and property manager.

Additionally, securing funds to split the equity might require accessing other resources.In some cases, a partition may be an option to help pay off bills if you opt for a divorce buyout instead of a cash-out refinance.

Does anyone have suggestions of locations to look at that are decent to live in, have a good rental market, and have available properties that are reasonably priced?