I personally avoid both of those, but I know people that choose that strategy and do it successfully I just personally don't want to deal with it, especially if investing outside your local market.  

Pittsburgh is one of our sweet spots and we have some great options for you to choose from.

I have heard that I should create a trust to protect family assets, and that there are serious implications based on which corp structure I choose.

Below are some quick tips about cash out refi vs HELOC/LOCCash out Pros-tax free money-low interest rate-fixed monthly payments unless you choose a variable productCash out Cons-closing costs (couple thousand)HELOC/LOC Pros-tax free -its a line of credit, hence you can use pay back then use again-usually NO closing costs on residential Helocs; there will be closing costs on commericial LOCs-commericial LOC is very fast moving as far as getting funding and refinancing  (Makes it easy to rinse and repeat)HELOC/LOC Cons-higher interest rate-variable rates-monthly payments depend on amount borrowedHope this helps,CB

At the lower end, most people will choose villas in the area.  

@Parker Cox.I think you can learn something from attending some of these Meetups whether you choose to invest locally or go out of area.Good luck.

I suppose that many investor tend to choose real estate agents with a lot of sales record. 

Choose cities in safe and economically diversified areas with above-average income and population growth.

I'd also get a text asking me to choose something, one which would save money.  

Most people will choose to use their own cash to purchase the home then refi once the rehab is complete if you are looking to buy and hold.