Hi BiggerPockets Community,I’m looking for advice on breaking even or generating positive cash flow with my studio condo in Prospect Heights, NYC.

Those remote flips and high cash flow rentals are so tempting on paper, but they rarely go well in reality. 

"Cash flow," he says, "with no phone calls from tenants!"

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

It's highly doubtful, you prob won't find a fully refinanced deal on the MLS or through realtors. 

@Les Jean-Pierre Had Section 8 tenants and got a bunch of energy upgrades through a state program.

If you can rent it for enough to cover the principal, interest, taxes and insurance and still put money in your pocket, plus cash flow on the property you're purchasing, that would be ideal.

Good question - when Bigger Pockets leads reach out to us via out of state, we first define your specific goal with the BRRRR and talk through specific cities/areas that could lend itself to accomplishing that goal.

Buying a second home to rent out is a solid strategy, but be sure you understand the cash flow, including mortgage, taxes, and potential vacancies.

Many investors will 1031 exchange into another property and list DSTs as a back up on the 45 identification form incase the property falls through.