Cash flow is definitely the biggest challenge; both in terms of finding properties to buy that cash flow with a loan on them and just company wide given interest rates and labor/material is up and, at least where I'm at in Jackson County, MO, taxes are way up too. 

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Quote from @Alex Spivey: I want to start renting as soon as I can so does anyone have adviceYou want to find a place to rent and occupy, or you want to buy an investment that you can rent to others?

Are there any investors looking to team up and any lenders for buy and holds and new construction?

(or if they're primary buyers, they don't care about yield, since they're going to live there.)i just went to visit two very distressed properties yesterday that i would buy.... if they were priced 50% lower.  

The process of buying, getting a loan and settling to closing was extremely smooth.

Some had clearly heard about buying a laundromat on YouTube and just wanted someone to listen to their brilliant plan to buy five laundromats in the next year.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

Investment Info:Single-family residence buy & hold investment.

With pulling out your equity (or selling), you can diversify and buy more.I did sell one of my places and used that money to buy two others.