@Bethany Rankin being rejected for a reverse mortgage is a red flag for you then it could mean a number of different things1.

I know a trustworthy HML in the area you could talk to- look up Red Door Funding in Stafford.

The only major issue is that you need to get your wife to accept the fact that people will be "getting freaky" in your bed and possibly all over the house...But if you are not going to put down roots you seriously need to set your "base" in a state without income tax. 

Currently the market is red hot and lost in bidding wars, but the numbers are there.

I will keep running numbers during our inspection period and look for any red flags...Do you really think it's a bad idea to buy out of state rental property without seeing it?

What's even worse is the legislation that this "blue" state passes often applies to our "red" side of the state.

Seems like a fair amount of red tape before you can build.

Before I ask the tenants to pay, I usually go through their application quickly to scan for red flags.

Needless to say, the city posted a red tag notice on the door 10 days later and the tenant could no longer enter the home.I can honestly say that the home was safe and I would have no problem living there personally but the city is furious that permits weren’t pulled and this home seems to have had quite a history with the city (not in a good way).

@Michael Pitsos It doesn't appear that you're considering other expenses that will drive your negative cash flow further into the red such as capex, repairs, vacancies, management, etc.