Finding good deals out of state with good CoC

[Varun Sharma]

Hi,

I'm an investor, residing in New York. In the past, I've done some out of state purchases [Memphis/Little Rock] through turnkey companies. Overall, I had a decent experience throughout the process as it generated good passive income and my involvement was minimal.

However, now that I have more time at my hand, I am interested in making the process and my investments more optimal in terms of cash flow. I'm not optimizing for appreciation at the moment (though it is a nice to have). Specifically, I'm thinking about getting properties which ideally satisfy the 2% rule or at least are significantly above the 1% rule (ratio of monthly rent to purchase price + renovation cost).

Given these goals and the fact that my constraints, I have the following questions:

a) Which markets are best to look at ?

b) How do i get started (like find properties that fit my criteria/constraints and then vet them, given I will likely be out of state) ?

c) If I do find a property that is in need of repairs, how do I go about the renovation process (given that I won't be onsite or close) ?

Thanks
Varun