I’m in Ohio, so I can purchase a property with $40k cash out, invest $10k in repairs, and rent for a couple hundred above the monthly operating costs.

When identifying and working with a property manager long distance, quality and local presence matter most.

If you're running a fix & flip business, you'll eventually want to learn how to estimate repairs and independently prepare a scope of work.

What if a tenant fails to pay rent, leaves $2,000 in cleaning and repairs, and it takes another month to rent?

@Kyle LipkoRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Built in a factory the quality is often better and cheaper than stick building out in the elements.

Looking to construct a duplex at a reasonable cost but also quality for long term durability.Thank you!

  (2) Variable cost: platform fees from Airbnb and VRBO, lodging/hotel/transit or whatever pass-through tax your local AHJ requires, cleaning fee, cost of replacement for consumables, repair and maintenance, etc. 

For residential multifamily properties (1 - 4 units), can you use a home warranty to take care of the repair costs associated with rentals?

The two are almost entirely different markets in terms of price points, returns, tenant quality, and overall investing strategy.