I was able to buy a 4 unit for 75k through my credit union in Upstate NY

Just get extra liability and call it good.

unless you have some kind of advantage, or creative strategy, or both (boots on the ground, sourcing quality off market deals, MTR or STR, house hacking, etc.) there is really no market where you can get a few hundred plus in cash flow with current off the shelf rates.you should 10000000000000000000% not buy a random property in Memphis because an Excel sheet tells you you will make $212 a month on it.if you want to go to Memphis and spend a few weeks there, drive around, meet PMs and other investors, and really lean in - go for it. 

As I am now focused more on cash and creative wholesales-SFR & Land, to eventually do fix and flips, buy n holds.

For the smell, buy an ozone machine off amazon (have the unit empty while it is running-same with upstairs if the airflow is connected).

You made the choice to buy a $35k property... that's incredibly cheap in today's market.

A 1031 exchange is time sensitive but if you know what you would actually buy as your worse case scenario, you should be ok.

I buy rental houses in Indialantic and Melbourne Beach, in addition to my Texas portfolio.  

If the HOA told you upfront they don't allow short term rentals, and you're going to buy and use it for that anyways.....just remember when they fine you $5k, $10k, $20k that you will have no one else to blame but yourself.

Investment Info:Single-family residence buy & hold investment.