Montreal still has plenty of room to grow but not the best for purely cash flow purposes. 

When this passes, I sell everything residential and become purely a transactional investor (flips and wholesales) in the residential realm.

I've been through lots of tenants but nothing too horrible out of pure malice.

It really depends on how you're defining "best".From a pure cash flow perspective I'm sure you could do the best in small, rural towns in the south. 

I have walked though one of our units (I was there to change the backup batteries in the smoke detectors) that was so filthy our toddler, who was with me, did not want to be put down on the floor.

@Rick SantasiereThis is purely a question of how comfortable you are with risk.  

I like real estate more purely because of the leverage and ability to control what you own.

If you buy because you want to own there as opposed to being a pure investor, you can care less about the state of the market and take advantage of a bargain if you find any.Or maybe, you prefer to wait that the tourism and market fully recover and pay top dollar?

Airbnb s security deposit is pure BS.

You would definitely want to consult an attorney or CPA (or both) in the state where the properties are located for a better understanding but from a purely tax perspective, any state that imposes income taxes most likely would require you to report the income from a property in the state they operate in on an accompanying tax return.