If the tenant complains there is no heat, you should respond.

Majority of clients I work with today need proximity to NYC and are looking to fast track their real estate investing Journey. 

And there are no counties that ban out of state investors buying investment properties.  

You need to work with someone whose proactive and will send you on-market, off-market, and pocket listings!

You’ll need to handle inspections, work with housing authorities, and make sure your tenant screening process is solid.

If you adhere strictly to the laws, you will be limited in the services you can offer to your relative compared to what they would get if they listed their property with a licensed agent, and they will get less money for their property working with you than if they hired an agent.

I have several CFO clients that do similar heavy rehab projects in the Midwest (albeit with a lower purchase price), so you can definitely make the numbers work. 

I don't think your first property needs to be perfect, but doing the work in advance gives you the possibility of refi (in a good rate environment) or more equity on a HELOC.

No 4 unit multifamily has sold in the last 2 years.

My agent was a very nice older lady, but no idea about investing, it all worked out and once the first rent checks started coming in started gaining some confidence.