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

It may cost 2 million dollars.

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.

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

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. 

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.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Covering the mortgage isn’t an issue, but I’m considering factors like: Multi-Family: House hacking would help offset costs right away, but I’d likely need to put money into renovations upfront.Single-Family: Easier move-in with no immediate renovations needed, plus potentially lower tenant turnover once I rent it out For those who have been in a similar situation, what did you choose and why?

Unless it is a new build, and it comes with purchase warranties are an extra cost and may or may not even be executed when needed depending on the circumstances. 

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.