I wanted to invest where I wanted to live and I am also from Elgin so am constantly headed further nw. 

I'm a Realtor with a couple properties listed in Boise, ID and a neighboring town for my investor/client that are currently rented as co-living or rent-by-the-room and getting killer income. (7.3% - 9.5% Cap rate) So far, every inquiry has been baffled by the concept of co-living or rent-by-the-room and immediately ask if they're being run as a halfway-house (which they are not).

I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment.

I've personally done just about every rehab scenario, properties I've lived in, properties bought as investments and even properties bought at auction.You've gotten good advice from folks on this list.

Some of this may have been grandfathered in, but now need updating.I would pay the extra say $50,000 to have an Engineer firm go over.

That’s because the longer someone has lived in their house, the more that home’s value has grown, which directly increases equity.And if you’re one of those people who’s been in their home for 10 years or more, know this – according to NAR:“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”The Benefits of Having Home EquityWhat does that mean for you?

Having a long-term rental while living abroad is do-able.Flipping houses while abroad, in my opinion, more difficult, especially if its your first go around with real estate.I would recommend taking a flight and staying in the area for a week and inspect the neighborhoods and make connections.You can reach out to @Elenis Camargo who has a PM company in Jacksonville.Best of luck though.

I have lived in Santa Fe for 5 years and am plugged into the commercial RE market as a full-time investor. 

Early on in my career, I saw a close frend do something similar.. she borrowed from her circle to finance a rural fixer-upper, then paid them back once she refinanced after the rehab.I’m guessing that massive yard plus the barn is already a big selling point for your tenant, especially with a family that wants a little extra room for animals.

This would obviously reduce my cash flow on both properties, as I would be paying the minimum HELOC payment plus extra towards the principal to pay it off quickly.