What are you willing to sacrifice for it.?

It really comes down to what lifestyle do you want and what are you willing to sacrifice.

You'll have to make some sacrifices, put in some work but I promise that its all worth it in the end.Becareful with BRRRR-ing out of state.

(PMI effectively raises your mortgage APR and is no longer a tax deduction on a primary residence.)If you really want to invest, what short-term sacrifices are you willing to make? 

But once rat-race to sell starts and mortgages drown under water how many people will make sacrifices and pay their last cents to stay current in the mortgage, as opposed to letting banks to foreclose?

@Danielle CamposIt was certainly a lot of sacrifice of convenience.

We love the property and are willing to make some near/mid term sacrifices to see it reach it's potential. 

Right now any market where 1% rule is met the properties most likely would be in C and below neighborhoods.If you are a long distance investor (like me) I would recommend staying in B class areas where tenant quality would be little better, you might have to sacrifice cash flow a little but you have better shot at appreciation. 

You might have to sacrifice your plan right now but have an agreed exit strategy to get you out of it in a year or two.Moving forward, be very careful who you partner with and where they are at in life.

It sounds like you're willing to sacrifice some serious cashflow in order to be closer to home.