Houses out here cost average $1.3M and rent for $4,000 per month. 

Consider this the cost of your education.

I feel like there's still people trying to make BRRRR deals work close to the city and the truth is it's nearly impossible given prices, rates, and the cost of construction.

Quote from @Patricia Steiner: There are several lenders who offer low/no closing cost options for first time homebuyers.

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

Many out-of-state investors make big mistakes that cost them far more than a property manager would charge.

•This additional income can help offset costs and increase your total reported income for future pre-approvals.5.

Happy to chat...being a local GC takes out a lot of the risk of the biggest variable for most investors (unpredictable rehab costs) and also allows you to consider more options than the average investor, with your rehab costs being significantly lower.

If I could deploy the same amount of up front cost to purchase an up and running portfolio.My calculations tell me that I can be cash flowing much more if I spend the money on a portfolio or complex.

Also factor in if the rents jumped a lot and if that would lead to a vacancy, which will cost you more in the short term.