This option is ideal for penalty-free investment but comes with added complexity and strict IRS rules.Alternatively, a 60-Day Rollover allows you to withdraw funds and redeposit them into an IRA within 60 days to avoid penalties, though it carries the risk of missing the deadline.

You should ask to speak to the commercial lender at the bank that carries your property's current mortgage.

With your first investment, you want to try and minimize risk as much as possible.

To the OP, if you can house hack in your local area, that would reduce the risk of investing in a far away market. 

Quote from @Stuart Udis: @James Wise "Do normal due diligence like appraisal and inspection and you're risk exposure is fairly low.

However, if you believe the market could recover within six months and you're willing to take on that risk, waiting might yield a better return.

I used the concept to do arbitrage on 3 more of his properties and then transitioned to more of a management model in 2020 to offset my risk.

Murrells Inlet, in my opinion, is the better strategic route but you need to check out both and vet themselves for your risk tolerance.

I don’t go above our dti because I don’t want the risk.

@Marc Zak Using an LLC for each property provides strong liability protection by isolating risks to individual assets, with income and expenses flowing through to your personal taxes on Schedule E.