An HOA can easily restrict someone trying that strategy. 

Hi Shea,It is a residential property and, yes, my strategy is buy and hold.

I really appreciate the encouragement and the strategy you laid out.

Hello @Yooni Choi,While managing an out-of-state rental property yourself might seem like a money-saving strategy, the reality is much more complex.

Have you read Start with Strategy by Dave Meyer?

Trying to get into the nuts and bolts of how he was trying to source a location, project size of preference, what type of financial modeling he does, what kind of tenants he was hoping to attract/the strategy behind it, if he was doing any joint ventures or had done any in the past, if he had taken part in any syndications, what management strategies he was implementing with his current properties to maximize lease uptime and profit, what types of leases he generally favored contracting for his properties--all of that was like pulling teeth.

About 50% of my yearly business is with repeat investor clients using all strategies. 

Strategies like living in a duplex or triplex, adding an ADU, or renting by the room can help maximize cash flow while leveraging FHA or VA loans for lower upfront costs.

Hi Brenden,Your plan to use a HELOC to convert your basement into a rental unit sounds like a solid house-hacking strategy, especially if you can get $3,000 in combined rent.

If you’re more aggressive, the BRRRR strategy can help you scale faster.