How do I get built-in equity on a buy-and-hold property?

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Hi,

I'm a new investor looking to start buy-and-hold investing.

One of the challenges I'm finding is trying to find built-in equity, which I know many experienced investors preach for buy-and-hold strategies.

I've been pretty unoriginal in how I've been looking for properties; mostly through the MLS. I'm wondering if in other investors' experience, if it's possible (or practical to use this as my strategy) to find a good buy-and-hold with some amount of built-in equity off the MLS.

Unfortunately being based in CA, I'm currently forced to invest out of state, which makes me wary of buying a property in need of rehab.  I'm also looking for more of a passive investment anyway (I'd use a property manager), so managing a rehab or sending out mailers isn't really something I want to do.

Sorry if it's a newbie question.  Thanks!