Here are a few to watch out for:Property Condition: Most distressed properties need extensive repairs or renovations, which add to your initial investment.Competitive Market: With Phoenix's popularity among investors, competition for the best deals can be intense.Complex Deals: Foreclosures, auctions, or short sales are much more complicated compared to regular real estate transactions and usually require specialized knowledge.Tips to Successfully Navigate the MarketDo Your Research: Understand the local market conditions, including neighborhood trends, property values, and potential rental income.Build a Strong Network: Work with professionals who specialize in distressed properties-such as brokers, contractors, and legal experts-to make the best decisions.Assess Costs Carefully: Factor in the cost of repairs, holding costs, and any potential financing issues when evaluating a property’s profitability.Be Patient: Finding the right distressed property takes time.

Also , I would love to connect with any agents who specialize in STR market in Boston Mass area. airdna is pretty accurate . lenders use it to assess rental comps for short terms rentals when financing a short term rental  I use it for DSCR loans as well; it is accurate yet conservative because it gives you the median 50 percentile for the area based on comps.

As others said out of state can be more challenging based on location but local or out of state both can be done. 

Atlanta is a strong multi-family market with a diverse economy, a growing population, and increasing demand for rental properties.

Any recommendations for starting strong would be appreciated. 

With a budget of $300K-$400K, you could potentially find single-family homes or small multi-units in those areas.I'd recommend researching rental demand near universities like Duke or NC State or even checking out neighborhoods with strong job growth near tech hubs.

I have strongly considered managing on my own in the past. 

Planned energy-efficient HVAC installations will replace outdated ceramic heaters, reducing tenant utility costs, lowering insurance premiums, and qualifying for utility reimbursement programs—a win-win for tenants and investors alike.Inflation HedgeReal estate is historically a strong hedge against inflation.

OKC has alot of opportunity mainly because of its low level of enforcement of housing codes, strong landlord laws and conservative judges in eviction court.

I’m based in Houston, TX, but I know how critical it is to find someone on the ground who’s a true investor ally, not just another agent.