many houses in the midwest, for example, are very old and need major rehabs.i personally think out of state investing is more difficult than advertised, and much more difficult in the current investing environment, with: prices high; interest rates high; tremendous demand for inventory, by both investors and retail buyers; and good PMs, contractors, etc. booked up.here's a really thoughtful thread with the experience of another CA investor and lots of different responses:https://www.biggerpockets.com/forums/12/topics/1215726-break...and here are some threads about how it can very easily go wrong:https://www.biggerpockets.com/forums/48/topics/1159104-overl...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...finally, you also said you "don't have a lot of money to start with." 

Job Opportunities: The state's robust economy and business-friendly environment attract investors, but are other states catching up?

Saying things like "breach of contact", always an unpleasant interaction with him for about the past 6 months, him fishing/hoping about if there are money troubles.

However, if you wrote mostly 4s and 5s, you may want to consider your options.A Final Note About Selling and ExchangingIn our new regulatory environment, a rental-housing owner in Oregon can run afoul of the rules even when trying to sell.

We seem to forget the 4500 homes that burnt down in the Oakland / Bezerkly hills this had to do with a ton of Eucalyptus trees which are like roman candles and those are what cause massive fires in Australia there native environment. 

We were able to refinance with our go to bank at a decent rate in this environment which allowed us to pull out our initial investment and renovation cost.

Even if the Fed lowers rates by a full 100 bps over the next 12 months, to 4.25%, the 10-year, in a normalized environment, should be at 5.5% (+125bps over the FFR).

This likely reflects reduced demand for T-Bills, heightened inflation expectations, and increased Treasury supply, all contributing to higher mortgage rates and a tougher environment for buyers.There’s likely more at play here, but I agree it’d be great to see mortgage rates head in the other direction sooner rather than later.

But I am open to ideas.I see this environment as quite challenging to find a deal that will cash flow reasonably well in my area due to HCOL and interest rates (even as somebody with some resources). 

In the current environment, it might make sense to rent for a year or two before you commit to a purchase.