This aligns with my interest in passive income.I realize I am not cut out for the entire REI process of consistently finding multiple properties for particular exit strategies.

I'll save you the details but...Per door cost: $63,300All in Cost: 700kTotal Revenue: 137k(ish) annuallyNOI: 65-73% (in the expenses we included: insurance, taxes, $75/month per door repair expense, management fee 8%, grass cutting, & a misc fund for random crap business license, etc.)Now...

Ask for seller concessions to cut down closing costs.

It was a huge investment, but it cut the electricity cost by the full 2K per/mo all summer.

A HELOC comes with a variable interest rate and all signs are pointing to no further Fed rate cuts in 2025 - and there may even be rate increases.- So, you may want to consider locking in an interest rate via a 2nd mortgage.Do you have reserves for unexpected expenses?

Some have done owner financing with an agreement to pay all interest and equity splits when the home sells others have done it where they do a quitclaim adding their name onto title with the seller so once rehab is done the seller can't try and cut you out of the deal. 

Just personally, I would never do an absentee landlord kinda thing....Too many moving parts, too much to go wrong and cuts into your profit big-time....Sentimental value is one thing, but not if you end up hating the house down the road.....Stay local, plenty of opportunities in good ole AZ.....

Another option is house hacking—buying a small multi-unit, living in one, and renting the rest to cut costs.

Can you DIY projects and cost cuts? 

It may be out of state, so you will have to determine if that is something you are willing to explore.It isn't always cut and dry as some suggest.