They could self manage for several years, using the rental income, until the next phase of their retirement.If they have a decent amount of financial discipline, they may want to get a HELOC now before they build to get the most favorable rate.

Having local family gave me a built-in support system, market familiarity, and the confidence to manage a property from a distance if needed.

Since we will be investing remotely, we plan to work with a property management company to oversee day-to-day operations.Does this sound like a solid strategy for a first investment property?

My first thing is to start built relationships with realtors and property managers.

How much are you having to pay the management companies?

I work with a lot of househackers and they're typically on the 12 month cycle, rinse and repeat.While the proposition of acquiring an investment property outside of your market in a "landlord friendly" state may sound appealing, i would recommend you stay local for now and househack another couple of properties over the next few years until you've got some more time / experience under your belt.you would need a management company to cover your property that is outside of your market which would not only take 8-10% of your gross it would also leave you a bit vulnerable to a property management company that you A.)know nothing about and B.)you won't have the experience or cashflow or proximity to deal with any headaches that may arise.i would recommend staying local and househacking your way along for now and then maybe hire a local property management company initially to work with your current/local properties to get a taste of what to expect if and when you begin investing outside of your market.

With rehabs you want to know enough about how houses work to manage the tradespeople.

You must learn to manage the property well.

@Tony SchmuckerFrom my experience of working with over 400 investors, your strategy to relocate, house hack, and transition properties to management is a strong, methodical approach.

I've found that if you're going to do section 8, a lot of your trust is in the property manager to make or break the deal.