If you can't trust anyone in Portland, then that's a whole issue... 

One thing to be aware of is the FHA multifamily self-sufficiency calculation which determines if a property can generate enough rental income to cover its mortgage payments.

I have enough liquid money for the down payment for the hard money lender, but that'll leave me with zero cash for closing costs, realtor fees, etc.

The only other option would be to get a coborrower to bring the down payment or get seller financing with a lower down payment. 

For me as well as the seller.First, you have to define Sub to financing.Do you mean the reckless kind where you overpay for a property, take over the financing and borrow from others to cover closing costs and holding costs when you have no money, no credit, no income, no reserves and can't tell a warranty deed from a deed of trust and you close on the kitchen counteror do you meanbuying below market value, already having a nice income, having reserves, using escrow and title, already understanding the due on sale clause, have done a lot of creative purchases and know when to use and when not to use creative finance and how to recover if something goes amiss?

If you have someone in MN you trust to manage the place that is one thing, if you don't it kind of answers the question (not that you couldn't find one).Renting out homes which you are emotional attached to can be quite difficult when tenants trash them (which will eventually happen).Best wishes

If you have a good FICO, a decent down payment and closing costs, go ahead an do the first one. 

Until the house goes through the foreclosure process, I am making monthly interest payments.

Sees a lot of off market stuff because he is a property manager as well.The toughest part about investing outside of your locality is finding boots on the ground that you can trust.

If you were me, just starting out, first property ever, would you use this money to find a BRRRR deal or use this money for possibly 2-3 properties for down payments?