Choose Your Real Estate StrategyRental Properties: Purchase properties to rent out for consistent monthly income.Fix and Flip: Buy distressed properties, renovate them, and sell at a profit.Wholesale: Contract properties and sell the rights to buy them to other investors.Real Estate Investment Trusts (REITs): Invest in publicly traded REITs for passive income without direct property ownership.5.

He told me that I shouldn’t put that on the application because the underwriters will consider it too risky and he said to say emergency funds.  

Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time. 

Where I am going with this is someone may trade a W2 wage slave job for a job of owning rental units to house people and their pets.

Time sink: takes so much effort and time while working full time.Option 2: Buying Rental Property in a Cheaper MarketPros:Time to cash is immediate is about 40 days from closing time.Landlord friendly: which means eviction and rent control in LandlordDiversification: Investing in a different location spreads the risk.Property Appreciation: Some emerging markets might offer significant appreciation over time.Established Rental Market: Easier to find tenants in established rental markets with a high demand.Potential to build an ADU: i can build on the property land.

Unless you have a very high maintenance tenant or tons of old plumbing/mechanicals you can do really well by having an 'emergency list' of really good handymen, plumbers, hvac tech, etc.

Quote from @Mitesh Patel: Hello,An emergency electrical issue affected the plumbing lines too, and I am quoted the below price for repairs. 

Start at home, do the maintenance work in your home, if something is broken and needs to be fix try to do it yourself before your parents call for a trade to have it fix .

The result is that Sbux is paying $60 - $70 dollars in rent, but the market rent in the area is only $30 to $40 so an investor who, say, trades out of a small MF property into a Starbucks thinking they're getting a great "hands off" investment could find themselves owning a building that's worth half what it was when they bought it (or less, depending on what the tenant pool is to back fill it).

Since you have your GC license, I would get the trades together and start building houses.