You are on the money with construction costs as of today based on other new builds I have going on.

As a successful agent, you make pretty good money and have capital to work with. 2.

Buy and Hold: Norfolk (Best Cashflow Potential), VB (Townhomes tend to work well, Green Run is a great area for cashflow), Chesapeake, Newport News, Suffolk (Less Military presence which is why i would put last.)STR: VB (in the proper zones if you have the money $850K+), Norfolk(Ocean View area specifically but have to watch out for the AICUZ restrictions), Leave the restPart of that decision process is distance to that I would need to travel to deal with rehabs, I hate dealing with the tunnels so I would almost always pick places on the peninsula last since I am based in Chesapeake.

I don't know what you would be pitching at 20 years old to get money so listen to @Chris Seveney.

Personally, I negotiate for better price/seller credits + put more money down to min 1:1 DSCR and keep it gucci. 

That said, if you are in it for less than 100k, and somewhere around 30k out of pocket, then you don't really need to rent it all that much to make some money. 

So can't do any short or medium term until the lease is up which is April next year.I have been thinking about about 1031 exchange as well but I will have to be ok taking a considerable loss on both properties.

Yes it costs money, but yes it's worth it (assuming they're a great lawyer). 

Thanks for your consideration,Isa

Use your least tax-efficient money to buy your most tax-efficient assets.