If you and your wife are on the same page, I say absolutely go for it.Don't worry about the naysayers telling you to invest out of state if that's not something you're comfortable with right now.

@Damini Dutta did you end up moving forward?

Non conventional just means the loan will not be sold to Fannie/Freddie so they do not have to follow those rules.

So, just give it your best self-help effort to find them, and then let the GAL do his or her job.As far as an ejectment lawsuit, the real question is, was the property legally abandoned?

They are just going to use their 2nd VA loan to buy their next one while this one is tied up. 

up

Out-of-state investing can absolutely work, but it comes with a steeper learning curve and more reliance on a team.

Yeah I just need to get some different viewpoints on underwriting and then actually do it myself a couple times a week. 

We like the short-term rental idea because we could stay at the property ourselves when we want - summer break, spring/winter breaks, etc.Our budget will be right around $1M or less ideally, and we would like a short distance to the ocean.How likely is it that we could find a property as described above and have it cover or come close to covering the mortgage? 

I want to diversify and I feel like the best way to accomplish that is through real estate.