Hey @Christopher WissingOut-of-state investing makes sense if you're looking for positive cash flow and your market has appreciated to the point that it no longer does that.  

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

Look at this as a positive because maybe its highlighting your lack of preparedness to manage the property yourself.

Regular properties are probably in a better position because people always need a place to stay, and if I'm not mistaken back during COVID if you had a tenant who couldn't work you could call your bank and pause the mortgage. 

I'm also not too keen on a partial note as I feel my position in the repayment if a default occurred would risk me losing it all, since all lawyer fees etc get paid first!

As I build my cash position, I may buy another, all cash, property in the next year or two. 

I personally believe the positives of FHA financing far outweigh the perceived liability exposure many caution of and its one of the few circumstances where I wholeheartedly believe investors should prioritize FHA financing over purchasing properties in an LLC. 

@Aaron MaxwellIf you are investing from out of state and aren't going to visit the city find an agent that's investor-friendly and ask them what areas you can find positive cash flow in and have devolvements going on.

As far as positive ROI - I'd like feedback on the following items:-Switching to tankless hot water heater (current water heater doesn't look so hot)-Upgrading electric panel to a Span Smart Panel.

With your background as a licensed agent and your extensive experience in both commercial and residential construction, you’re definitely in a great position.