., so do you mean living in one state while a local PM manages a STR for you in the other state?

Once you have ran through about 3 months or so of this and penciled out 50-100 deals for fun, I would talk to a local agent and start the process of looking.

The detective is not an expert in contract law and doesn't know what he's talking about.

See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.

I'm currently looking for a flip locally - within 30-45 minutes of Lancaster, PA. 

It takes a lot of phone calls and asking around, but you can normally find a local or regional bank that is willing to work with investors on these types of properties.Mike

You’ll want to check with local credit unions or smaller banks since they often have more flexible HELOC options.

@Kuba Rogut options:1) In-house maintenance team2) Out-sourced local maintenance team3) Outsource to Latchel, Porch, etc., 3rd party companies4) Mix of the above

They are a more local and relatable example. 

Research local rental demand, especially from military and university tenants, and consider balancing your portfolio with single-family and multi-family homes.