We've never used percentage-based criteria, like the 70% Rule, for purchases.

A lot of investors who succeed in EC know the tenant base very well and a lot of them self manage.

If you do choose to invest out of state, the best advice I could give you based on what I have observed running a local real estate group here for over a decade is build your own team.

Some charge based on account value, others per transaction, and some use a combination of both.

Experiences will vary significantly based upon location.

Another good thing about that is that you can do a cost segregation study based on the percentage of the house that is being rented to your house mates.

If its the business then asset based lenders may be interested.

This will vary based on region but in general 2 – 5 points, 9% - 16% APR (meaning this is the annual rate so divide it by 12 to get the monthly interest amount), and documents fees can be from $600 – $1,900.

I’ll definitely make that a priority as I build my team.I also appreciate your point about using different contractors based on the scope of work.

@Joseph SpearGood feedback, but would be careful about buying based upon Cap Rate with Homeroom as you outline.Just have to look back at Airbnb history.