Diversifying your investments across different states can also help reduce risk and protect your portfolio.

If I reduce the purchase price to $600,000, the CoC jumps to 15.2%.

Labor, office costs, etc. are no joke. 

With that said, there have been more realistic seller expectations to the tune of significantly reduced purchase prices both pre and post executed agreements.

Highlight the cash flow and equity in your property when negotiating with lenders, as this reduces their perceived risk.Ultimately, you may need to reach out to multiple lenders or brokers who specialize in DSCR loans to find one willing to take a second position.

Definitely get a lot of quotes.Hi Gi'angelo,According to my contractor, the quote includes materials that are not visible (such as lumber and cement), labor costs, and HVAC.

A good property manager can handle tenant issues and reduce your hands-on involvement.Building a Network: While you don’t currently have local connections, networking with other investors, attending real estate meetups, or joining online communities can provide valuable insights and opportunities.The next steps depend on your financing options, preferred markets, and whether you’re willing to manage tenants directly or prefer to stay hands-off.

What can you do to reduce these?

This strategy can help reduce utility expenses.Mid-term and short-term rentals can have utility costs up to 10% of gross income, including electricity, water, gas, cable, lawn care, and pest control.

I learned how to handle minor house projects while husband was working, saved tons off hiring people for minor but labor intensive projects like painting, window screening, changing locks, etc.