Because buying a one-off in those areas and then paying property management is going to cut or kill your profits.If you are doing OOS, you should focus on more turnkey or rent-ready over value add because as a new investor, you are going to lose money on the remote rehab.With a prior bankruptcy, an FHA loan, and 50k from someone else or inheritance, I would think a little more solid about how you want to invest.

I would recommend start going to see properties about 6 months before you are ready to pull the trigger, maybe starting with open housesand finally....

Key for todays market is knowing your strategy with ultra detailed methodical planning, supported by solid data for viability, master of analysis, and action ready on the drop of a dime.

.- Buy a multi-family home - I've seen some for as low as $250k, but I'm sure there will be different deals by the time I'm ready to pull the trigger.- Take out an FHA loan for 3.5%.

Keep in mind that if you want to get a loan while you're a contract purchaser your lender will probably not be able to get a title policy since you don't own the property and cannot put a lien on it.Also, since you'll need a deed from your seller when you're ready to resell, what do you do if he's in the wind since he's already been paid in full?

The main house is ready for rent, while I'm still working on getting the ADU ready. 

Sellers in this market might need to be more flexible with pricing and negotiation to close deals.What This Means for YouYes, the Miami market is shifting, but this presents golden opportunities for those ready to act.

If have inquiry from Furnished Finder, I have an email ready to send them with next steps, usually with background check and information to send deposit, first months rent, etc. and once they agree, i'll send them the door codes.

Ready to go in no time at all...that is the first thing. 

Ready, set, go!