Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

It cost $38,000 for the framer to take on the risk and do the work - and that does not include the cost of the GC, or architect, or plumber that was also required!)  

Debt service is way up, revenue is generally down, down payments are way up, financing terms and costs are much worse.The time of fast scaling has passed, unless you're very creative. 

Sometimes, buying an existing property can be more cost-effective and less time-consuming and maybe require slightly less permits, etc. 

You won't find a deal where you live for free, but if you can live in a great neighborhood at a reduced cost of living that is a nearly risk free way to get started in real estate. 

Even still, it could be said that I've still lost money due to my time on the tools instead of prospecting as a real estate agent (the cost of lost opportunity).If you can truly do 80%-90% of the work yourself (at acceptable quality levels) and you aren't sacrificing your time where you can get better returns for your efforts, then yes, it can work even up here in Canada.

Do you have a total price range you're looking for, or maybe a cost/door?

Three Months ago, low to mid 6's were available.Rates are going to continually fluctuate but if you have a way to earn 10+% on your capital, the TIME you are not using it is going to cost you way more than the extra .5% per year will.You are walking over dollars to save pennies if you are waiting for the perfect rate, half of the people who held out on getting mid 6's were waiting for high 5's.

I've been interested in it, the cost was pretty high on the Pace Morby one

Evicting them, even after purchase, could be a lengthy and costly legal process.