I have always been a very conservative investor, putting at least 20% down on each property I acquired, but I can't help but wonder if I am leaving a lot of money on the table.

I'm not going to discourage you to start by investing internationally since I've done it but make sure you acquire the right knowledge and connections or at least have connections with people who do have that.

My strategy is to acquire rentals in these areas until the market crashes, then start buying in the major markets (LA, NYC).

Not to say those properties dont exist.... but its a war just to acquire them.  

Check if you can acquire the property "subject to" the existing financing.https://www.biggerpockets.com/blog/2016-07-03-subject-to-real-estate

I feel like I should be focusing on operating the 8 units I have efficiently by keeping my current tenants and protecting my capital and being patient I would have been using a hard money lender (80% LTV, 10%, 1yr loan term) to acquire and then begin renovations and raising rents to market. and then do a VA cashout refinance or FHA and move into one of the units. so my risk is if the property will not hold its value or go down and I cant refinance and/or if my new tennat base will be able to afford the new rents ($950).My gut is telling me to stay liquid and see how this plays out but there's this FOMO (fear of missing out) side that thinks this will blow over and I won't have a deal.

Right now I'm wondering if it's best to start in my own backyard or acquire a low cost investment out of state that I can learn from as I go.

The Hospital has already acquired enough land to add office building and Labs.Now I am wondering what will be a best way to handle this property.

Thus far we have been right and have been able to increase rents by over 20% since acquiring.

In particular, someone who wouldn't mind providing feedback over a mailing letter that I have created and plan to use to acquire my first mobile home property.