Quote from @David Young: My wife and I are new to this and are saving for our first property our goal is to start looking for properties in November 25, we have a couple questions, would it be wise to invest out of state for our first time investment (we do plan on physically going to see the properties to potentially invest in) ? 

I also own a small STR property management company and own two STRs out of town that I operate remotely.

FHA 203k wont work unless youre going to live in the property as your primary.

As a lot of real estate investors already know (and newbies may have heard), some tenants are very hard on rental properties. 

Where you live in relation to the investment property shouldn't matter.

For scaling your portfolio, consider house hacking another multi-family property to minimize living expenses while building equity.

After a year or so they then sell the property and do a 1031 exchange. 

I was able to get more information on the property then if I didn’t know the seller and I’m still able to contact the seller if I have questions.

Congrats on taking action to get this first property under your belt. 

My elderly grandfather owned a two-family home in the area, but over the years, the property had fallen into neglect.