I'm working on building my down payment including repairs fund and have a good credit score above 750.I’m interested in buying a property near Kansas City, in markets like Topeka or Springfield, IL, but I’m open to other cities in the Midwest.

Insurance Proceeds: Generally, insurance proceeds received to repair or replace property damaged in a hail storm are not taxable.

Get as long of a mortgage as possible (eg 25-30 year mortgage) to make your payments lower.If you are buying to rent it and won't be living in it, you need 20% for a down payment.Either way, you also need money set aside for closing costs, inspections, repairs and maintenance...and if you are renting it out to cover vacancies.

This is before accounting for things like repairs & maintenance, etc.So just be sure you fully think through the cost side of investing out of town / out of state.  

A couple other tips;you can’t use the renovation loan to finance renovations to the commercial space. only exception is if you need to do repairs to the core structure or mechanicals that are integral to the building (ie, structural work, sewer lines, water mains)Make sure you work with a lender that knows how to do these.

I would advise you to look for a house instead of a condo.Condos have many fees, rules and can have expensive assessments for repairs and improvements that you will be forced to pay.Also Condos are a dime a dozen so the competition is fierce which drives the nightly rental rate way down.

They help with repairs and vendor sourcing and have resident support agents.   

After repairing and improving the usability of the home, I was able to get it rented out at the top of market.

However, he makes repairs and changes to the property without letting me know. 

Originally drafted to prevent landlords from using security deposits for cleaning or repairs, the bill was amended after opposition from the California Apartment Association (CAA).Landlords will now need to photograph rental units before tenants move in, at the end of the lease, and after repairs or cleaning.