. - $50k is going to be really tight. 20-25% down on a property is not $40k on a 200k purchase.

With an FHA loan, you are not going to be bringing hardly any capital to closing (compared to a conventional 4-fam purchase with 25% down).   

I don't mind moving here and house hacking, I currently rent and actually really enjoy the area from what I've seen, so that is definately an option.

Recommend you first figure out the property Class/Risk you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

@Tim Kaminski, Using the 1031 exchange will allow you to exit your older Pinellas properties and purchase newer properties elswhere that are not as big a risk from capital expense or natural disaster. 

Why do you think purchase contracts are so long and have such small print?

Based on my analysis, the recommended Purchase price is coming up way lower than the asking price.

If you're looking for somewhere fairly safe and consistent to store cash, land purchases in this area could be a good option.

Hi All,I recently purchased my first investment property and am going through the closing process.

Purchase price: $275,000 Cash invested: $80,000 Sale price: $450,000 This beautiful renovated home near Washington DC promises warmth and comfort.