@Joshua Piche with little experience, it's better that you invest locally vs OOS - unless you want to invest a LOT of time learning another market and networking with th right people.Locally, look for a 2-4 unit property that will qualify for FHA 203(k) financing. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

That is a great place to start, as well as hitting some local real estate investor meetups so you can meet some other house hackers in person who have done what you want to do.

there are ways to get guidance, especially if you are local.

I’m Monica Bynum here a local agent in Memphis, Tn.

Detroit is very much a block-by-block city, so having local knowledge is absolutely critical.

Look for a local credit union that can offer a cash-out refinance once the work is done, ideally with minimal seasoning.

I work for a local house flipper in the Greensboro area (Winston Salem).

Investors allow them to help because they are local but the truth is that they have no idea how to manage a rehab.

But if they gov't changes to a 90 day minimum, you would have to operate as a 90 day rental or longer.And talking to local experts, if you want to own a STR on O'ahu, your safest bet is to buy a unit in a Condotel that is located in the "Resort" zone of Waikiki.  

Do you live locally?