Tight inventory can definitely be a challenge, but it sounds like you’re taking proactive steps.

I know Deed in Lieu is a common and normal practice.

I’m just taking it one step at a time, learning as I go, and trying to set things up the right way from the start.

It sounds good in theory, but in practice is highly unlikely.  

-Rent collection and financial management is probably not at the top of the list based on some of the challenges that we hear about, mainly because if you are lucky enough to have solid tenants and low vacancy, this is easy peasy, but if you have some challenging tenants that default on payments, or the possibility of an eviction arises, it can be worth paying a management company to help guide next steps."

If so, step 1 is rewiring how you look at things.

To live multiple states away and run a string of successful C-class long-distance BRRRRs anywhere in the Rust Belt is practically impossible.

Congratulations on this next big step!

Hi Ilina,I understand that taking the next step can feel a little intimidating, but you’re definitely in the right place!

Educate yourself with resources like The House Hacking Strategy and practice analyzing deals using tools like BiggerPockets calculators.