As others said out of state can be more challenging based on location but local or out of state both can be done. 

If the answer to the last question is yes, I think it'll be a hard choice.I see a reasonable appreciation rate for underwriting at about 6% based on neighborhood scout, so nominally I think you'll make 10-11% if you had paid cash which means I think you'll do quite well holding on (20% returns or so). 

If you choose to play with fire, that is your perogative.For your reference, here is a good primer.Here is the key paragraph:Rental discrimination is when a landlord or property manager treats an applicant differently based on the applicant’s inclusion in a protected class.

Some banks and lenders will calculate your Heloc payment based on the Max limit even if you only have a small portion used due to preventive risk. 

My name is Sonya Waites and if you have questions, I don’t mind answering them based on my own personal experience.

Is it based on town zoning?

Also offers contingency based collection but price was not obvious. - AOA Debt Reporting Service: letter sent w 120 days to pay (with credit bureau reporting) after which it rolls over contingency plan with collection agency getting 38%.I know I would not want the task for what they charge.  

Based on comparable listings recently sold I think closer to $650k there would be more interest.  

This is how much you need to increase your room rate to become profitable based on last year's information.

Ownership and profit-sharing can be split based on contributions, with you possibly earning equity through sweat equity.