Let me know if anyone wants to visit Wyoming, maybe go see the Buffalo BIll Cody Museum, head to Yellowstone Park a few days, maybe lounge in some hot pools, look at Indian petroglyphs, go hiking, float the river or fish it, etc.

I used to work in the oil industry, 14 hour days, 7 days a week (98 hours total).

I’m doing small multi family so not paying attention to sfr … then in the last month or so more 4-10 unit places hit the market as I think bigger fish tried to sell before the pullback.

Fortunately the PM piece is fairly simple (especially when you have a solid team in each city, which you can borrow from the rockstars you work with in each place a la David Green's idea of the Core 4 from Long Distance Real Estate InvestingFor my money I'd look to start acquiring in at least three different markets that you are keen on.As @Will Fraser said, diversification is great, I am looking to invest in OKC, but what happens if a political shift damages the oil and gas industry and defunds the military?

I have 2 rental coops which I purchased after the crash...and recently purchased a house in PA...for turning over a 380sf 1BR in NYC I got a quote for $1700 (grout and paint)...while in PA I got $4800 for a 2000 sf 5BR house...In NYC with that money you are a little fish and it is even hard to find contractors to come give you a quote...in general knowing what I know now I would go to PA, Upstate or the Midwest if I could do it again.Another factor...as mentioned by other is that with this money you are mostly limited to coops...It is quite hard to find those which allow subletting and for many of those it is even harder to get financing.Management is another issue that have to be considered as all co-ops (and many condos) will demand to approve your tenants causing unnecessary delays whenever there is a turnover.   

Luckily things seem to be gearing up in the oil fields which helps stabilize many of the families that I rent to. 

Made a few other hops along the way, but now, I'm a management consultant servicing the oil and gas industry.  

I think most use Kilz oil based primer to seal the smell.

Fuel Oil (heating): $6,000Water: $1,500Repairs: $6,000 Maintenance (snow, lawn etc): $2,500Mortgage: $18,000Total Expenses (including mortgage) is $45,000Which leaves annual profit of $3,000 or $250 per month

I just rehabbed a studio that was so bad the tar from smoking was running down the walls lol. we washed them and the untextured ceiling down twice and hit it with oil base primer.