However, I imagine there are attractive markets in FL and much cheaper than CA. 

Investments you want FREEDOM to where the investment works for you around the clock while you get to mainly choose what life you want. 

We are in New York and our farm area is mainly Suffolk County but we are open to investing in other areas even out of state possibly.

That is not really attractive.

.), and exactly what work was needed to create the vision, and we worked those costs into our construction estimate.However, you are talking about a House Hack or a BRRRR, in which case you just need to get the property into a habitable state, with some flourishes thrown in to make the place more homey and attract renters.

I finally finished the renovations  on my gorgeous house (that's what everyone else says anyway) and I'm renting out the 1 bedroom apt below and just started renting out rooms in the main house where I live. 

My main points on new construction is its location and demand it needs speed with a good scope of work and plans and good contractors. 

The main thing is that you could get your money back faster.  

Ideally the main goal of using the BRRRR strategy is to be able to use the same bucket of money over and over again to acquire endless number of properties.  

However, despite all fears south florida (miami) remains active place for "bargains" ( price per SQF) with attractive mortgage rates,  spectacular location, cultural growth, strong rental market and a good way to diversify portfolio.