Look for undervalued properties.Network: Connect with local real estate agents, contractors, and other investors for insights and deals.Analyze Properties: Use the 1% rule to evaluate potential properties (monthly rent should be at least 1% of the total investment).Secure Financing: Explore different financing options like conventional loans, hard money loans, or private lenders.As for timing, if you can handle the extra responsibility, starting now could give you a head start.

Make sure to maintain a cash reserve (3-6 months of expenses) to handle unexpected repairs or vacancies.It’s smart to consider the “what-ifs,” but don’t let them hold you back.

Here’s a strategy:Define Roles and Responsibilities: Agree on who handles what (e.g., funding, management, deal sourcing) based on strengths.Bylaws to Include: Cover profit/loss splits, decision-making processes, buyout clauses, and what happens if the partnership ends.

Curious, who handles framing out in your market?

I have a fairly clear understanding of how to manage the administrative side of setting up an LLC or handling legal aspects from outside the United States.

They partnered with an experienced realtor who handled most of the contractor coordination while they focused on financing and design decisions..

If you live there you probably have a good handle on the subtle market dynamics.One significant risk of buying any property out of state is that you have a lot less knowledge and first hand experience with all the nuances of that specific market.

Oh bud, I think it would do that we’re gonna need lender’s consent as well and that’s what I’m trying to prevent, but maybe they do it under them handle that part and then after the fact transfer it. 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

I will continue to do my research and try to find a CPA that handles Texas and has a lower minimum I think.