Advice for a Real estate newbie

[Kashyap Patel]

Hope everyone is doing well ! I am just starting out as an investor and looking to get an advice on out of state real estate investment.My goal is to own at least one property in next year and see how it goes.I and my wife have around 350k+  cash flow from salaries. We are in our early 30s. We live in Bay Area and own a condo. We are planning to buy house either next year or in 2023. We have ~400k (not counting emergency/retirement funds) saved for house down payment.I hope market don’t go crazy by that time). I think we are doing ok financially however our passive income might be less than 1500. I feel like I can easily put 50-80k down and buy a rental property. I just don’t know where to start ?

Any helpful resources which can help me to get started?

How to find a out of state rental property which can generate cash flow ? 
How do you guys decide location ? 
Should I consider having my friends onboard as my partners? ( I do have some nice and like minded friends who loves real estate)

[Taz Zettergren]

@Matthew Irish-Jones and @Drew Sygit are giving you some great advice here. It all comes down to how you want to invest. Turnkey is a very saturated word nowadays but a true turnkey provider will purchase properties themselves, renovate it themself and then manage themself. So the experience is handled in house but it is a very safe and easy way to invest if you have a great company/partner. There are several markets in the southern/middle part of the country that would be great location options. Cash flow is great and all but it doesn't need to be the only thing you're looking for, IMO the area is much more important. Most of the time the lower priced areas will have a little more COC but it's a riskier investment because of the resident clientele you're working with. As you get into the nicer areas typically one will give up some of the cash flow for a more consistent area, that provides a more consistent resident and this will naturally provide more appreciation. And typically that outweighs the little bit of extra cash flow you would get over a 10 year snapshot.
Best of luck on the research and happy investing!