From a “landlording” lens, however, I’d recommend recruiting a solid team of locals (e.g. attorneys, leasing agents, property managers, contractors, etc.) who can help you with closing, leasing, maintenance, repairs, and capex.New construction and turnkey assets are also popular among long-distance investors, since you either won’t have to do much maintenance or capex at the outset (in the case of new construction) or can work with a single, full-service point of contact (in the case of a turnkey property).

They are a special asset class that take some deep knowledge.

With this approach, you can truly be passive - effectively hiring an asset manager to deal with finding a quality property, hiring contractors to do the work and hiring property managers to handle the tenants.  

For long term holds I like upward transistional neighborhoods where I can see future forced appreciation while the asset cashflows. 

When you find an asset you feel is worth it, dig into the comps for the sales of similar houses for the last 6 months. 

Self Storage rates are more in line at about 11-12%.Its a high risk asset class.

An LLC also provides liability protection for your personal assets in case of issues during a flip.

Hi @Adam HoekerI have my clients all on QuickBooks Online.We sync in their accounts to reduce human error in entries, and track each property's expenses and transactions to prepare for Tax time, this helps us to be prepared for 1099s as well, track Asset Basis and Depreciation, Mortgage Balances, and any Equity items.Since QBO is very common, it is easy to connect a Tax Accountant to this as well and have them pop in to grab reports they need to file. 

Congratulations you are correlated and invested in a highly taxed asset class that went up recently.  

I’m aware of some (California-based) investor-friendly DSCR lenders who will only consider the NOI of the target property, and won’t consider your personal income or assets in underwriting.House hacking is an interesting (and tried-and-true!)