I am an attorney in New York City (non-real estate) looking to purchase single or small multi-family homes in Utah or Maryland (family and contacts in both areas) for long-term rentals.

Even with crazy high rents, when you have to get into a property for 1mil, it's just hard for the returns to out pace the cost of capital, especially when you factor in all the other costs.The oddity with the last observation is that without capabilities these markets also tend to be the biggest challenge from an execution standpoint for someone just starting out. 

The biggest benefit for both of these is MI drops off unlike FHA if it turns into a long-term hold. 

Check out socketsite.comLuxury condos aren't doing hot in SF and there's some examples on that site that are interesting.I think the key here is that it's specific condos some of which were likely overpaid and now we're seeing true value but it's more of unique situation then city wide trend. 

. #5  Get to know the neighborhood police officers, city officials, and social service organizations in your area.

About 6 months ago I purchased a foreclosure in one of the nicest neighborhoods in the city I live in.

The biggest difference though is the messaging.You're not a wholesaler.

Im planning on looking for a duplex to house hack in the Twin Cities, MN, and I was wondering if I should even bother looking into other loans?

Drive the city looking for dumpsters in yards.

I was born and raised for about 10 years just outside of Charm City.