In my experience, finding cash-flowing deals on-market can be challenging here (1% rule can be hard to find) but not impossible.

I think BRRRR would be quite challenging as a first deal in an out of state market, but that is just my opinion.

Hello Jon, Renting a 3500sqft house comes with a few challenges.

Get a small MF you can house hack and start that way.I'm not an expert on the auction scene, but, from what I have read, that is a challenging first step into investing. 

LTRs with long term conventional financing and standard management aren't really cash flowing anywhere right now. sure, there are lower cost markets that look better on paper, but there are costs associated with those supposedly cheap markets as well - deferred maintenance, more challenging tenant base, higher cost turnovers as a percentage of the rent.2. i wouldn't pick a random market thousands of miles away based solely on statistics or numbers. 

Of course, it comes with many different challenges.

Then progress to permits and then building.You could also just do it and hope the city doesn't notice, which they probably won't.Your challenge will be getting Certificates of Compliance on the units!

The equity gap can definitely be a challenge but there are still deals out there - typically with homes that were purchased in early 2022. 

Starting with a smaller property or a few fix-and-flip projects can help you build equity, gain credibility with lenders, and better understand the process before scaling up.Securing funding for larger projects can be challenging without prior experience, but options like hard money loans might be worth exploring.

As for posting my opinion, I can have an opinion on something I have not engaged in because it's just that--an opinion.