I don’t suggest you using up all your remaining personal emergency money for this though.

That was done under the Emergency Price Control Act of 1942 to TEMPORARILY control prices in the interests of national defense. 

If you have stable income, good credit, and an emergency fund get in the game. 

You can also put in more time / effort in your W2 job to try in bring in more money for more properties.Good luck and don't forget to keep your emergency fund beefy! 

He told me that I shouldn’t put that on the application because the underwriters will consider it too risky and he said to say emergency funds.  

Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time. 

Time sink: takes so much effort and time while working full time.Option 2: Buying Rental Property in a Cheaper MarketPros:Time to cash is immediate is about 40 days from closing time.Landlord friendly: which means eviction and rent control in LandlordDiversification: Investing in a different location spreads the risk.Property Appreciation: Some emerging markets might offer significant appreciation over time.Established Rental Market: Easier to find tenants in established rental markets with a high demand.Potential to build an ADU: i can build on the property land.

Quote from @Mitesh Patel: Hello,An emergency electrical issue affected the plumbing lines too, and I am quoted the below price for repairs. 

Unless you have a very high maintenance tenant or tons of old plumbing/mechanicals you can do really well by having an 'emergency list' of really good handymen, plumbers, hvac tech, etc.

My focus areas include multifamily properties, buy-and-hold strategies, and fix-and-flip projects in emerging markets.I'm seeking advice from experienced investors in this community regarding promising states and cities for multifamily investments, fix-and-flip opportunities, and buy-and-hold strategies.