Just ensure to complete necessary due diligence - this can include, but is not limited to, title search, property inspection, appraisal and/or survey. 

You can not do a pet deposit unless your security deposit is less then 1 months rent.

It will help ensure you have a good deal and that your deal makes sense.

With that being said I'll obviously be focusing on out of state.I know Ohio is mentioned a lot around here, specifically Columbus, and I'm an Ohio State alum, so that would be pretty cool to secure my first property in Ohio.

Many people choose NOT to have this, because the administrator will then vet every investment you make to ensure you do not invalidate your IRA.Invalidating your IRA means that you've done a prohibited transaction and the entire account is then deemed as distributed to you.If you don't want checkbook control, then I recommend a plan administrator such as Equity Trust - www.trustetc.comIf you are sure that you're aware of all the rules around prohibited transactions and disqualified people (who you can and can't do business with), then a plan administrator like Sense Financial would be a good place to start talking.  

This route requires more attention as you will need to ensure that you are finding good deals wether they are on the market or off market.

If out-of-state offers significantly better returns, ensure you do thorough research and build a reliable local team.

Securing legitimate deals is a great first step.

Ensure the property’s price aligns with market trends, and work with a local realtor to help with due diligence and negotiation.Good luck!

So Bank, when writing a loan, must ensure that property's worth is greater than the loan extended, so if and when borrower defaults they can foreclose on the property, auction it off and get back the money lent.