[Biggerpockets] is notorious for the no and no money down niche, but you really need to have a good financial runway prior to investing otherwise you will lose your bottom when it goes sideways.Read all the usual books.

I was wondering what specialized skills do I need as out of state investor, if I want to invest in those notorious zip codes.

Well, long story short, their answers came down to two issues: 1/The neighborhood was notorious for being part of the town where it’s hard to find and retain quality tenants. 2/The property was too old with many visible deferred maintenance issues.Albeit I rusted their feedbacks, I decided to have one last opinion, by calling a local Realtor that deals with Property Management as a side job.

Austin and Travis County are NOTORIOUSLY slow in plan approvals for new construction due to the strictest environmental ordinances in the state.

We do not have quality renters in our area - there are a notorious amount of people who destroy rentals.The application fee is what he suggested to help reduce the applications from poor tenants...he said you can always refund it, depending on case.I enjoy the feedback, though, and will absolutely consider removing this requirement in the future.

I could definitely get by not having them but, for only $300 for a used set, I find it to be a major "plus".However, I learned my lesson from one tenant family...who NOTORIOUSLY overloaded their washing machine, despite multiple warnings. 

Tenants have notoriously waived many red flags in fear of losing "their' home, and a few are valid and many more are not.Best of luck out there!

@John HalversonI would get a realtor to vet the ARV numbers as those are notoriously high from wholesalers.

As a practical matter, there is probably some "work around" that can be done; Wall Street firms are notorious for grabbing every dollar on the table.

That's why the notorious renovictions are happening at an alarming rate..