There are always private money lenders there and people who will partner up on a deal.

I would fist run the numbers to see if it is a good deal at the price and everything else, and then I would drive down the streets to see if you see any licensed contractor signs/trucks.

Now, you need to figure out how to find deals and pay for them.

You could try to “fly under the radar” and use the existing septic but 5 vs 2 bedrooms is a massive difference so I have to think you’ll be dealing with septic problems.

We deal with a lot of OOS investors.

@Richard Schubert If the house next door is a solid enough deal you could always raise the money from people in your network to tie it up.

I also did one of their 1% deals in St Pete for 100K.

What made you interested in investing in this type of deal?

My involvement would go down drastically to where the only thing I'm doing would be funding the deals.  

Good luck, and feel free to ask if you need more tips on tenant screening!