Overall, I think most predict the Madison are market to remain a sellers market as far as general low inventory levels remaining and demand still for the area.In the Madison area, single family homes seldom make sense as rentals based on rental income to prices and in the City of Madison, short term rentals have lots of restrictions, so mo. to mo. furnished rentals would be my advice to try out if you want to try to boost income, but also deal with more turn over.Happy to talk more specifics if you decide to focus on Madison, WI area.   

@Matt Everling I’ve recently been preapproved with First Bank in Madison county.

Yonah Weiss at Madison Specs did ours.

Or, if you are looking for more quiet cities that provide cashflow we have those as well in cities like Clawson, Madison Heights, and Oak Park.In general, what are some rules of thumb that you look for when investing out of state?

I live in Madison Wisconsin listed below are my average costs for a few basic rehab materials.- 4X8 drywall 1/2" $15- 2X4X8' $14- 4X8 5/8" OSB & Plywood $59 sheetI also checked with several appliance stores for appliance packages and stock and availability seems to be a challenge for a matching appliance package as well as the price has climbed quite a bit?

I live in the Kenosha area but I plan invest in areas all over Wisconsin such as Milwaukee, Racine, Green Bay, Madison, Sheboygan, etc.

Within the last 5 months I moved to the Madison/Huntsville, AL area and started my first job out of college as an engineer.

I'm a real estate agent/broker and practicing attorney in Madison Wisconsin. 

In addition, the laws are landlord friendly and there are good opportunities to invest in both single family and MF..I’d suggest staying away from Marion County....focus on the other counties that surround Indianapolis greater area (Hamilton, Hancock, Boone).....the push outside the city continues...I prefer Madison County since prices are depressed with anticipated modest growth 

The section between 18th ave and madison ave is 'ok'.