Second, even in countries that do allow foreigners to buy investment properties relatively easily (like Spain), you typically have to come up with much larger down payments (like 40%+) as a foreigner.

I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

The only way to make money in bad neighborhood through LTR is either getting the government benefit or running it as a slumlord.

(and depreciation & other tax benefits 🙂)

The last two provide the added benefit of providing you access to liquid cash. 

Even if you don’t have enough equity to buy in all cash, you may still have enough to make a larger down payment, which has its own benefits too.Bottom LineHomeowners have an incredible amount of equity today – and that’s why the share of all-cash buyers is on the rise.

Maybe consider an HSA for next year.Hire your wife, kids and other relatives.

Absolutely no screening activity involved whatsoever other than these non-fair housing related mentions. 

Points I can roll into the cost and don't mind a buy down if necessary.My primary concern is the bleed rate monthly for the build, Airbnb stabilization and the year after while we season it and prep for final financing for long term hold. well doubt unless you get money from a relative or close friend that you will do any better in the market.