@Raquel ReedRecommend you understand the property Classes, so you buy wisely!

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

The internet makes the world very small.As far as buying out of state, one challenge I did not see any other replies mention is your occupancy. 

Even better if you buy 2-4 units, live in one and rent the rest - then repeat every 12 months.

You could sell one house and buy two with that money. 

A way to look at it could be to find buyers first and figure out their buy box and after that go out and hunt for deals for them and run it by them when you find something.

(I also don't understand how you have a hard money loan with a rate of 7.25%...)offering an equity position that you then buy out in just a few years seems like way too much complexity and risk when you say you just need 30K. 

As a CFA you probably know the old quote from Warren Buffett who said something like "buy what you know and understand". 

There is a reason why I buy properties that cost a multiple of what typical cheap rental properties are going for.

For simple math let's say it's $100k buy.