The money that you end up owing to repay the loan over the 5 year term is now post income tax money unlike how you traditionally are supplying your 401k with pre-tax money.  

Just get it under contract as quickly as possible... an multi- page realtor supplied purchase contract often does not afford you the luxury of time.  

I think OOS investing without a property mgr is going to be challenging even though it is a cost.

Challenges?

It’s always fun to hear what challenges new investors tackle.

The challenge is deciphering those risks.  

You can use that scenario as a learning experience when you may or may not encounter future challenges. 

Today we have 540 units in a few states and things are not without challenges. 

Most traditional property managers don’t handle this setup due to challenges like managing tenant disputes, coordinating overlapping move-ins/outs, and the risk of Fair Housing violations when selecting tenants.

It sounds like you navigated the challenges well and gained valuable lessons for your next venture.