$400k from a Los Angeles resident's perspective is still "cheap" for a 3+2 SFR.

I'm about to close on a condo for my primary residence and will be looking for my next investment property early next year.

If you tell the residents that since they're paying the heat you're reducing rent by $500/year per unit, then you take in $2k less in rent, but save $3k in heating costs(if my estimate of $5k/yr was right.)

I own one other rental which used to be my primary residence, so this is my first real investment purchase.  

I initially was interested in house hacking, in the Bronx, NY where I currently reside but potential ROI is currently not worthwhile.

As a former Cream City resident, I'm interested in looking at deals there.

Just do you research and homework and actually invest time and money into flying to those areas.I'm in Georgia now but except for my principal residence own no real estate here.

Of city residents polled, 77 percent picked more housing and parks as their most desired additions to downtowns. 

When I see a trust, I think they are more for personal residence and possibly not for investing. 

Once you convert a property to rental it is now an  investment property but you can still take the primary residence exemption if you qualify for it.If you don't then a 1031 might be appropriate.