Michael,I have a lot of customers that live in California, Texas, Florida that have been buying in both Indiana and Ohio over the last 3 years.

The brokerage uses this to pay for lots of stuff office supplies, CRM, insurance, marketing, etc..

I would read all you can about different strategies and markets for a bit and then figure out which strategy is most enticing to you (flipping, short term rentals, long term buy and hold etc.).  

Buying an interest rate cap is both temporary and is really only a prepayment of the interest rate for the term of the cap.  

Would it be cheaper to buy supplies and pay contractor hourly or allow contractor to do it all and pay large lump sum ? 

You will start to get the hang of it and put processes into place to stop or change the situation up, or just not buy the property because you know what they may run into. 

Got off to a rough start and the tourist economy here hasn't bounced back, but this is a buy and hold deal so eventually it will even out!

Its an absolute specialty to buy a courthouse steps buyer in that state in my mind.

@Michael MingPay the IRS and postpone buying the property.

Personally I would look at doing a cash out refinance to buy more property instead of selling, but a lot depends on your specific situation.