There are so many so be sure to filter by your location. 4) Review Dave Meyer’s The State of Real Estate Investing Report 2024 (in your resource page as a member of BiggerPockets!)

Have you considers any other states? 

Also, with being an out of state investor, picking a property that needs renovations seems really intimidating for my first rental. 

Contrary to multiple letter writing campaigns and already being historically the 4th highest state an overall tax burden according to the Tax Foundation, Vermont‘s legislature has apparently just increased the state M&R tax to 12% which appears to bump it up to the 4th most taxed state in the country for short term rentals, according to the National Conference of State Legislatures: 1.

Yes, in some markets big companies buying properties can have a noticeable affect, but it isn't likely to be forever or as pervasive as you think at this moment.

Quote from @Reshmi Naheed: Any suggestions on which city and state is good to buy a LTR property in 2024? 

However, i work with a ton of out of state investors from all over -- California, NYC, CT. ect. -- who seek rental properties in the Philadelphia area.

Are you out of state or local?

The 50% rule states that approximately 50% of EGI will typically be consumed by operating expenses.While the 50% rule provides a quick estimate, actual expenses can vary widely depending on the property type, location, age, condition, tenant mix, and market conditions.Here's an example: if a property generates $200,000 in EGI per year, the 50% rule suggests $100,000 would go towards operating expenses like taxes, insurance, utilities, and property management.

Part of me wants to cash out and purchase in another state which has more appreciation potential as I believe my local market has peaked.