Hiring a property management company with experience in the markets you're considering can be a game-changer.Have you identified which markets you want to invest in?

Given you and your investor both have experience in different areas, I’d say keep a flexible approach and compare city requirements before putting too much money down.

From my experience working with over 400 investors, consider alternative strategies like rent-by-the-room, buying an SFH with an ADU, or renting where you live while investing elsewhere.

Quote from @Nicholas McCormick: Howdy-Does anyone have any experience with short term rentals in the Bloomington, Indiana area?

In the meantime I would love to have some helpful information or ideas to share with the buyers when we meet and ideally an agreement/contract we could fill out together once new terms are agreed to and then share that with the attorney so he could draft up the formal instrument for recording.If you have experience with this type of scenario, I’d love to hear any recommendations you have or any helpful resources you could point me to for the appropriate paperwork.Under foreclosure laws, you have to send appropriate notices and try to work with the borrower and offer a loan mod before foreclosure anyway. 

Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

A renter for a stand alone rowhome is usually a different profile from a large apartment complex renter in my experience.

You will learn the most from first-hand experience.

No experience in Brooklyn but there are a lot of programs out there for rental assistance.

I post my rental listings on FurnishedFinder and Facebook (there's a couple DU living fb groups) and have had a good experience with hardly any vacancies.