Since we cannot buy local (cap rate in CA is pretty low), we are exploring different markets. 

Start with low-commitment options like REITs, gradually exploring bigger deals as you gain confidence and market knowledge.

I always tell people that I think one thing to consider in this environment is whether you have a high or low interest rate loan.

They have to be low-income, usually have kids, low education and if they work - a crappy job.

umbrella 2. and under the cash umbrella are the options we talked about - your own cash, your dentist uncle's cash (private money), a local fix and flip lender's cash (hard money.)i did a BRRRR last year (that i ended up selling because it didn't appraise) and i bought it with my own cash because the purchase price was pretty low. 

I would have probably kept it (assuming the holding costs were low) but this is a huge win as well!

Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant.

I kind of lucked into my first rental property as I bought a house during COVID with a low interest rate and the intention to live in it for the foreseeable future.

Tenant agrees to comply with all duties required by Wyoming Statute §1-21-1204: maintain the Premises in clean and safe condition and not unreasonably burden any common area; dispose of all garbage and other waste; maintain all plumbing fixtures in a condition as sanitary as the fixtures permit; use all electrical, plumbing, sanitary, heating, and other facilities and appliances in a reasonable manner; prevent water pipes from freezing by turning off outside spigots, disconnecting hoses, and keeping the rental heated to at least 50 degrees; replace lightbulbs, air filters, water filters, and other consumables as needed; test smoke detectors every six months and replace batteries as needed; immediately notify Agent in writing of any defects or dangerous conditions Tenant becomes aware of; replace broken or cracked glass, no matter the circumstance of breakage, unless the Tenant provides Agent with a police report detailing breakage beyond the control of Tenant; pay to repair anything damaged by the Tenant, his guests or invitees, whether through intentional act or negligence; upon termination, remove all personal property and garbage either owned or placed on the Premises by Tenant and clean the Premises to the condition at the beginning of the AgreementCreate a policy and stick to it.

I had around $60,000 to invest.I bought 3 cheap/low income houses paying cash.