Connect with some contractors who can help you figure out what kind of rehab a property might need

Out-of-state investing makes the most sense for me—it’s impossible to cash flow anywhere near me, and moving wouldn’t make sense because I wouldn’t be able to earn the same wages or find the same kind of jobs.Before this purchase, I already owned two properties: a long-term rental outside Houston, Texas, and a short-term rental in the Sierras in California.

In a pricier area, or if you’re banking on a perfect scenario, that cheap credit can suddenly get very expensive.I’m curious... if you went down this route, what kind of safety nets or alternative strategies would you have in place in case that perfect timeline doesn’t pan out?

Any general advice is much appreciated.50k is more than enough money, the biggest question at 22 is are you ready to buy a property and be kind of locked in for 3-5 years.

If electing S Corp status, pay yourself a reasonable salary to avoid IRS scrutiny.To be honest with you, you don't need any kind of Corp for tax savings unless you reach a certain amount of net income.

I wouldn't consider it a heavy negative unless the street is super tight and parking is hard to come by or if the street is very steep/busy.The more desirable dense city neighborhoods it's almost kind of expected and off street parking would be considered a luxury rather than a necessity.If you get out into the suburbs I would say it's more of a big deal since more rentals have off street parking or a garage there.

Interesting, I was aware of how they work in my state, but not about these kind of differences. 

@Caleb Genry hi could you kindly share your spreadsheet with me.

Buyers could look at a DSCR loan which does take into account the revenue from the rent but it doesn't count towards the value of the property.Now, buyers could look at a business loan of some kind but I am not sure they would qualify if it is only one property and even then, the value is mostly in the property and not the possible revenue. 

Kind of reminds me of the old ranch style, with a bit more privacy and access.