Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Additionally, we have developed templates for tracking key metrics that we require our PMs to fill out weekly. 

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

The decision to do a cost seg generally comes down to whether or not you can actually benefit currently from the additional depreciation.

@Ryan VienneauAre they able to set-up your credit cards as additional "accounts payable"?    

Tell us how you plan on accomplishing either without "big government." 

Would love any additional info and the chance to check it out! 

NEVER borrow from a 401K, you are taking pre-taxed dollars and paying it back with after tax dollars, you do not get to return the loan with pre taxed dollars, in addition, some 401K plans do charge interest and maybe even fees, and lastly if you get laid off for some reason, it is a distribution with all the "fun consequences: tax at the last dollar rate, and if you are under 59.5 there is also the additional 10% penalty.Personally I like the HELOC, however you can also sell stocks and do tax harvesting there to offset gains if that is an option

If you’re comfortable with a bigger investment, a duplex is good for the benefit of additional cash flow and you could house-hack.