The next steps would be selecting a strategy you want to pursue that allows you to meet your goals, and from there, narrowing down the markets that you would like to target.

I'm a physician with W-2 income and have been doing my own taxes for years, but as I'm reading more about real estate and tax advantages, I feel like having a CPA for advice and tax preparation will be necessary for me going forward.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I am based in California but looking to invest in out-of-state rental properties to take advantage of better cash flow and more favorable price-to-rent ratios.Right now, I am particularly interested in :Markets with strong demand for BRRRR opportunities Properties under 80k-125K (single family or small multi-family)Areas with steady job growth and landlord-friendly regulationsMy background • I am a military veteran.

Your numbers line up well here: plenty of 3/1 and 3/2 single-families in stable, rent-friendly areas that can stay under your $90K all-in target and hit that $1,100+ rent mark.A couple things to keep in mind in Memphis:Neighborhood selection is key.

I live near 76123 and $2200 seems a little high, but I'd have to see the house to make a better assessment.How are you selecting your tenants?

Bigger Pockets is a great place to find a real estate tax strategist.A good real estate tax strategist can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation, 1031 exchanges and tax planning.I recommend finding a strategist specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your strategist remotely to expand your options.I would also recommend looking for a strategist willing to work with you throughout the year.

Short term rental markets, property selection and set up.

It will give you guides on strategies you can select to get started.

Phoenix and Vegas definitely have opportunity, have a look at the STR loophole for tax advantages.