If you have a local appliance store near the rental, go there and talk to them. 

We’re not used to seeing emergency declarations as frequently as they do in Florida.Our borrower is a local rehabber with a property scheduled to be funded today and close tomorrow.

For example, there are many local credit unions that offer loans with as little as 5% down on multiple investment properties with no PMI.

It was off market, I paid a local bird dog $20k for helping to get it to the close and even including that $20k at market rate it met the 1% rule.Today my underwriting would not have a 1% ratio with 80% LTV as positive cash flow in class C.  

This strategy aligns well with the buy-and-hold model.Leverage Local Expertise: Partner with professionals like real estate agents familiar with rental markets and property managers who understand tenant needs.

Network with local investors to understand what formulas they're using.3.

However, I would encourage you to Network work local real estate clubs in the PA/NJ area to help identify your target market and ideal investment for your first property.

Albany, Syracuse, Utica, OH, PA, etc.) for cashflow.The challenge in these markets is that demand is through the roof, and many properties either sell at the asking price or above the asking price (Suffolk's sale price average was 1.5% ABOVE the asking price).If I were in your shoes, I'd explore local and remote multi-family options before considering the mid-term rental route.All the best!

That being said, your typical cost of capital is as follows:EquityAgency debtBalance Sheet local lenderDebt FundPrivate DebtPref EquityHard Money DebtBookie/Loan SharkOther things that will impact capital sources: are you wanting to finance the improvements, or will you pay for those from equity/cash flow?  

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.