When clients come onboard, that process should be explained in great detail and by signing the PMA, you are agreeing with our standard processes and core values.Far too often that process is never fully explained and/or proper expectations are not set, hence new clients try to tell you how to run your business.

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." 

I can find deals, close them with Hard Money but I run out of cash with closing costs and holding costs.

Do you want to run a business, or do you want to INVEST in real property.  

@Nadia Jones Starting and running a fund is a separate business because it's something that you need to actively market for and regularly work on attracting capital to invest in. 

It really comes down to running the numbers and seeing which option offers the best balance of costs, monthly payment, and future flexibility.In short, a DSCR loan might work, but it may not be the cheapest or most suitable option if a second-position loan or HELOC can accomplish the same equity pull with fewer costs or better long-term benefits.

Once you run out of depreciation or your income becomes too large.

Run the math and see what you think.

I bought a condo with the intentions of running an Airbnb and it was quickly shut down however I ended up turning it into a corporate rental.

I would run away from these monsters as fast as possible.