Turn Key - New vs. Older Properties

[Giovanna Owen]

I'm buying my first rental property this year, and unfortunately, it will be far from where I live because real estate is way over priced in my area. I will be visiting the area about 2x a year for business until I move there in a couple of years. I'm looking to buy a turn-key property in Texas. I plan to put at least 50% down on a house under $160,000 and pay off the remaining balance within a year or less.

I need to buy before Jan 1 because the money is in my S-Corp, and I have the opportunity to use pre-tax money to buy the property before that date. The purpose of this investment is to preserve and grow the profits from my business, and to create cash-flow. I have narrowed down my search to Houston and San Antonio, TX.

My questions are: Should I be looking at older properties, or brand new properties that might be a little bit more expensive, but have less maintenance expenses and concerns for an out-of-state landlord? Should I use a turn-key provider, or find the property myself with the help of a real estate agent?

Thanks so much!