If you're in a high-cost area, consider out-of-state markets where you could buy a rental property outright. 

Hey Stepan,In today’s market, finding solid flip deals requires being more strategic with property selection.

After you find a great realtor, I do recommend getting pre-approved asap so you can be qualified for financing and know exactly how much you can afford for a property.

Hi,I have been looking at some of the resources for inspecting properties and estimating costs on this site, and the ones I have seen are detailed spreadsheets and multi-page checklists.

The property is livable, but I am account for a pretty significant turn in 4 - 7 years of paint, flooring, and any miscellaneous repairs that the inspector could have missed since it was occupied.

With the down payment you're putting down (assuming it's at best 25%) with current interest rates, you're maybe going to be scraping a couple of backs cash flow on a Class C+ property. 

Assume you never met them at the property, and fielded 1 phone call from them.

Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.

I can do the parade of horribles for a personally owned rental property but suffice it to say that it is a long and robust parade and the horribles are horrible.

I'm working with Michael White, Real Estate Sales with Midtown Property Management in Harrisburg, PA.