And what kind of tenant is going to live there?

You can build apartments in Homestead florida located in miami dade county right now on infill lots going for less than 100k. we are just beginning to look at the entitlements required and have one investor considering them. we would put 2-3 housing units per lot. don't go to fort Myers or any of the other locations that don't have market drivers like miami.

In most places a mortgage is going to be less than rent-otherwise landlords would lose money.

@Femi AjayiRecommend you do your own research on this and visit the places you consider investingThere are 41,704 zip codes across country and no idea how many on east coastRegarding cash flow and appreciation - they do not go hand in hand.

Here are some tips that may provide a little guidance:Understand legal requirements and zoning laws, some municipalities have specific rules about where these homes can be located and how many residents are allowed.

Maybe @Joel Owens can give you some tips he is in GA and is a very experienced Broker/owner.

Rents are going up and the demand is really high.

You will need to go into a bridge loan first - that can cover up to 90% of the purchase price and 100% of the rehab budget.

And what are some best tips and practices to look out for? 

From what I've read and watched - what it seems like in this case is you would assign the deal and not be involved...again I'm speculating since I haven't done it myself but I am trying to learn too.Where I think you would probably want to be is having the transaction go into a performance deed where the buyer has to continue to make payments.