But after working with the family, we purchased it for $42,000 and got to work.We had some unique challenges, like dealing with one of the heirs who wasn’t very cooperative and required a payoff to sign the paperwork we needed for clear title.

Purchase price: $425,000 Cash invested: $5,000 Helped my past client out of a difficult situation.

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Therefore you have to rely on contract, if its a new build, make sure its in the Purchase Agreement.Why?

Quote from @Laurens Van swol: We are exploring the possibility of purchasing an investment property in Florida.

I’ve been coaching new investors for a while, and I always enjoy hearing about what brings people to real estate.

In Cleveland you could also purchase a property in an area that is improving or on the border of one.

Any advice or recommendations on where to purchase a long term property for rent are appreciated!

HI Matt,You don't necessarily need to be a resident to purchase real estate in the US.

I’m considering either buying a rental since it’s cheaper or purchasing a flip if the market is booming enough.