Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

This amount provides a reasonable safeguard against potential claims if something goes wrong, like an accident or damage to the property caused by the tenant. 

Without knowing stuff like this, all the answers provided are meaningless. 

It's the boring places that probably won't appreciate above the rate of inflation that will provide real month to month income. 

@Morgan Vien For your Oregon rental property, forming an LLC in Oregon can provide liability protection specific to that property.

I provided a free rent back for 2 weeks so the seller could get her funds and relocate.

Additionally, it provides investors with the opportunity to add a unit on a property they already own, simplifying management since the new unit is in the same location.Finding a vacant lot is both expensive and difficult, so the ability to build, subdivide, and create new development opportunities can make financing easier.

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

You need to provide at least 30 day notice to a tenant that you will not be renewing in NY State.

The area you're targeting might be too small for anyone to be able to provide any detailed insight.