There are rules and situations unique to each state and that is why you want to go with a local lender vice someone just reaching out to you telling you they can do it. 2) Better recourse if the lender screws something up: a local lender has more skin in the game so to speak as if they screw something up their name will be mud to local real estate agents in the deal.

@Mike Grudzien @Tim Delaney do you guys think it'd be worth joining a credit union in the city I used to live just to get the rate even if I'm out of state now, will they still give a better rate? 

(I know a lot of investors who are doing this, but I've been surprised to find out that it's a new concept that others haven't considered.)The more units, the better in this scenario because you can hedge your bets with more units.

I would lean toward Roseville or Elk Grove, while you will possibly pay a premium investing there, your upside long term is going to be better.

I could see others jumping in, even really smart people who should know better.  

Even better if a value add basement or garage guest quarter for you to live in.

It’s a move that worked out exceptionally well, especially in a growing market like Phoenix.Here’s how you could approach it:Unlocking Equity:A HELOC is great for flexibility, while a cash-out refinance might be better if you’re aiming to make multiple acquisitions quickly.

It may not be required, but we are generally in a better place to absorb the loss than our tenants.

Without knowing any of your financial position of your work or side hustles it is hard to give you exact advice because you may be able to carry these homes until they are paid off and in that case they would provide solid returns, but there are likely better real estate investments out there.  

Better still, the recessed handle trim is visibly chipped (stands out as bad.)