I am getting ready to start my first spec home build.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Once you're ready for the next purchase, you will have experience, systems, and the confidence to tackle a bigger project like a BRRRR.

I did a test to see interest at $3,000 that got some good candidates, but didn't take them through the whole qualification process because it's not ready to rent yet. 

Are you able to secure the house through a lease option so you can purchase in a few years when you are ready?

Get ready for a month full of learning, networking, and real estate opportunities.

That said, if you have $50k and want to invest out of state, that puts your realistic budget at $150-175k...maybe even a bit less after you factor in closing costs, make ready expenses, and reserves.

If cash flow means you make $8 more than your mortgage payment in month 4, awesome, you have $8 for that month.But.... if you factor in closing costs, make ready costs, leasing costs, repairs... it's typically years out until TRUE cash flow, with a value add or a turnkey (unless you absolutely knock it out of the park with a BRRRR and then somehow cash flow after the refi, which I guess is possible but very unlikely.)

They'll know what standards are needed and should be able to assist you getting units ready to go for the inspections.

These markets feature turnkey properties, such as new builds or fully rehabbed homes that are tenant-ready, with systems that still have about 10 years of life remaining and property management teams already in place.