I made a bet and predicted SFR median at 294k, and 17.6% year over year.

So what do I do - especially with limited cash for now??

@NhiQuann Jones from my limited knowledge, if you have a property that is paid for in all cash, say $50k... and you put in $30k of renovations... and that property appraises for $100k... you own a $100k property outright.  

Your best bet is going to be getting yourself out there and making cold calls.

I want to avoid personal guarantees and limit my cash outlay as MUCH as possible.

It really depends on how much equity you have in your primary residence.You could also use the HELOC for down payment and cash reserves for any rehab or maintenance needed.Then once the property is stable you can cash out refinance to pay your HELOC back and replenish reserves.With the limited information provided this would be my suggestion.

However, I live in an expensive market (NYC) and so will likely have to be limited to buying an investment property out  of state so that it can cash flow.

your best bet is check with a lawyer or a company that specializes in that...honestly im not sure if its a like or kind assets since your going from residential to commercial

If you want to invest in that area Lincolnton would be a better bet because of the new Hwy 16, lower taxes, better schools, and not far from the West side of Lake Norman. 

@Neil Haven a four unit property will qualify for many commercial programs, which may be the way to go.With a commercial policy, you may have more flexibility with choosing the building limit and can pick and choose which coverage's you want.I would suggest calling a local Independent agent.