@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.

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

You must hire locals who are familiar and acclimated to the culture of the city you plan to create rentals in. 

I would vet contractors by finding local real estate agents that also work with investors, and/or a rehab investor in your area that does a lot of deals.

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

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

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

Thanks so much for your advice for a local lender.

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

If you are looking to house hack in our local neck of the woods, I recommend reaching out to @Josh Green.