Many investors I have worked with buy in out-of-state markets with steady job growth, strong rental demand, and landlord-friendly laws.For first-time investors, I highly recommend working with a professional property manager.

I actually think it is a benefit to both parties to have professional representation to assist the seller and buyer with these types of transactions.

Most professional agents set a minimum dollar theyll do at these price points that will be substantial. 

@Daniel MadhavapallilYou should hire a tax professional. 

We work with lots of clients that are high earning professionals and are looking to start investing in real estate and we provide a simple solution that doesn't take away from their main focus of their high earning job.

Your equity is $61,400 (you also paid something to renovate but I'm not sure we need to care too much about that for this example).

It may be worth having an experienced professional helping you and you could always try to get the seller to pay your agent’s fees.

I would tread very very carefully here

I still think if you're an investor, you need to run your numbers carefully. 

If you’re interested in investing here, I’d encourage you to speak with a knowledgeable local real estate professional or lender to get accurate guidance.