We both are drawn to either single family long term rentals, or STR’s in the right locations.Right now we have $20k cash available for immediate investment, with the ability to increase that to $60-70k in the next 3 years through savings and bonuses at our day jobs.

I’ve been looking to purchase another property as a rental to hold onto long-term.

But this is no sound strategy if you are looking to develop a long term relationship.

My aim is to not only profit financially but to gain in the process some intangible assets, such as project management skills, getting to know reliable professionals (i.e. realtors, contractors, designers, etc.) for the long-term, getting acquainted with the local market's promises and pitfalls, and basically adding some entrepreneurial muscle going into my next project.My strategy is to go small: find a second-hand apartment in a good location (I don't have enough funds for a GREAT location...); no more than 60-70 m2 (that's about 650-750 f2) to, among other things, lower renovation costs; 1-2 bedrooms, street facing and with a lift (if said apartment is above the second floor); with good bones, i.e., needs only partial renovation.

Do you know how long this will take?

I am from the Bay Area in California and I am interested in buying a single family home out of state to keep for long term. 

I sold a rental 7 years ago that I had for a long time and bought 2 new rentals. 

Choose your plan based on your money goals, how much risk you can handle, looking into the market, and how long you plan to invest.

It's a 4br/2ba furnished house in Colorado Springs, a mile from a private college.

That would mean to hold the property long enough to build equity and not lose money, which means several other factors need to favor you at the same time.