getting cash flowing rentals in those states is certainly possible, but much, much more difficult than advertised. 

In Phoenix, where I’m based, or in markets like San Antonio, the best realtors do more than just list properties.. they go “driving for dollars” to find oppurtunity, leverage their local networks (probate attorneys, CPAs, divorce attorneys) and carefully analyze each property’s cash flow.

I am only in two syndications and my GP just refinanced us and got 5.7 I think plus 3 mil cash out that is going into further reserves..

Why not joint venture with someone who has money, fix & flip itWhy not rent it out for at least the monthly carrying costs.Why not sell it on a lease option, get 10% cash up front to fund school? 

How do others manage to create positive cash flow from MF properties with debt?

Alternatively, if I can find a lower cost single fam home where I can cash out 100% of my investment I would do that but those have been harder to find recently. 

Acquiring in cash or with a fix and flip loan.

I have referred a loan out of state based on NOI, cap rate at purchase, room for increase income and purchase price vs market value.Maybe I didn’t articulate the intent of the post as clearly as I hopedFor anyone who has bought multi family out of state, “what are gives you the warm and fuzzies about a deal”:Obviously not cap rate, but maybe vacancy rate,  Cash on Cash ,GRM, IRR, Unlevered free cash flow, Cities over 250k?

Cash Flow is not the best but have appreciation on the property.

You'll likely need to be in a C/C+ neighborhood to find the 1% rule, but you can still break even or sometimes get some slight cash flow in the B neighborhoods of Columbus.