A good designer and architect are key for a successful project like this and keep in mind these aren't cheap.There's a lot more details to consider, feel free to DM me for more details.

From experience, finding a knowledgeable accountant is key for handling taxes effectively, especially when splitting expenses, claiming deductions, and managing depreciation.

What is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

This knowledge is key.

I think the key to getting a good start in REI is finding a way to have a high 9 to 5 income and using a good portion of it  invest in your real estate endeavors. 

As long as you express the key details of tenant information, lease dates, along with any standard information to vacate, and clear language of "non-renewal".

Here's an ideal PM contract: The two keys are: The PM is incentivized to make you money, not charge high fees, and is contractually bound to provide reporting that you can understand in a timely manner. 

I currently work with investors building their portfolio with Turn Key investments.

Like you, when I'm working with clients I highlight the key advantages of the conventional rehab loans (Fannie Mae's Homestyle and Freddie Mac's CHOICERenovation) are:- They can be used for investment properties- You can include luxury items- They have a higher limit – $806,500 in most places.Jeff

Whether you start with a local deal or try investing out of state, the key is to do your research and take action.Best of luck, Julio