Where these numbers are found, there is a very high rate of rent actually being paid.We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, and mortgage industry National footprints.

I'll be looking for long term rentals that don't need any major repairs initially. 

My biggest road block right now is finding a PM company.

How do I go about finding the best banks or companies to get pre-approvals and is it worthwhile to get multiple?

I own a fourplex in McAllen, TX, and recently dealt with a major plumbing issue.

I talked to several insurance brokers and they both said majority of insurance companies do not provide coverage on homes with knob and tube wiring due to potential fire hazard.

Checklist- all major items should be known up front.  

I work with a lot of househackers and they're typically on the 12 month cycle, rinse and repeat.While the proposition of acquiring an investment property outside of your market in a "landlord friendly" state may sound appealing, i would recommend you stay local for now and househack another couple of properties over the next few years until you've got some more time / experience under your belt.you would need a management company to cover your property that is outside of your market which would not only take 8-10% of your gross it would also leave you a bit vulnerable to a property management company that you A.)know nothing about and B.)you won't have the experience or cashflow or proximity to deal with any headaches that may arise.i would recommend staying local and househacking your way along for now and then maybe hire a local property management company initially to work with your current/local properties to get a taste of what to expect if and when you begin investing outside of your market.

Plus the mortgage company probably calls the loan, and if you can't pay it off then you can lose the property.

Sorry to see that some of you major funds that could have been used for investment purposes.