Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

The property is in the Jade District if anyone has particular insight on the area.4) I have some contacts for real estate agents, but I feel like they're better suited to assisting buying and selling SFR. 

I'm curious as well how likely someone would want to buy the furniture with the house as well. 

We can buy the house for maybe 125k and he estimates 120k in renovations.

Long-term buy-and-hold rentals in stable neighborhoods, prioritizing consistent cash flow and responsible management over rapid appreciation.

For a number of years I've formed transactional partnerships (form an LLC with single or multiple members to buy a building, build condos, townhomes etc).

A good Realtor that knows investing should be able to connect you with a great PM in the area where you plan to buy.

I have been buying and dealing with Real Estate for about the last 30 years.

As long as the lender can finance in the state that you want to buy in, then work with them.

The 5-10 it gets heavier and a lot busier, and 10-15-20 it really is untenable to self-manage especially if this is not you main business like a person buying their own rentals and building it like a small business.