Another investor in our mortgage fund wanted to visit every borrower and discuss their personal financial situation with them.  

Right now I am in a unique situation and I have a concern.I want to buy a residential property.

. 💪 As for next steps, I'd focus on stabilizing your cash flow first, especially with the credit card debt situation.

I would work with the lender and put together a well thought out Reconsideration of Value (ROV) with better comps and detailed reasoning to justify the higher ARV.There are lenders that don't do appraisals for hard money loans so you could try that in the future to avoid these situations. 

I am looking for insight on whether out of state investing is a good strategy for a first-time investor and/or a fit for me and my situation.

Your best bet if you want to wholesale (I don't know why anyone would) is to find a high volume local wholesaler and work for them for a while before going out on your own.Hello Jonathan,I appreciate your perspective, and I wanted to share more about my situation.

Hi Glenn, Typically hard money lenders depending on their situation and if they do it as a business treat the income as interest income or business income.

I generally know what that means but I don't know if there are any potential cons with this situation.  

There is no best lender, only the best lender for your situation!

Donate the Property: Donating the property to a qualified charitable organization can provide you with a charitable deduction equal to the property’s fair market value and eliminate capital gains taxes.Implementing these strategies requires careful planning and consideration of your specific financial situation.