@Roberto Kattan-make sure you have your  financing  / loan pre approval completed  if you plan to  move  forward with purchasing a rental ....this  will  allow you to be prepared and also to be more educated on the  current  numbers  ( rate / cash to close / payment  etc ...) 

If I don't do this task, the property would no longer be operational" -- so something education or networking wouldn't be material participation hours. 

This will give you an education about managing rentals. 

I recommend as a first step in your education in this new type of investing - join a Community that is specific to syndication investors.  

Outstanding education, local and national meetings and lots of networking.

Written 50 + years ago, it’s still the best education on note investing.  

There are several texas who to me are not people I would want to do business with who took millions from investors and never returned it and still is out there raising $ and people are still giving him money for education and investing which is not gonna end well for them. 

In my mind, out of state investing means extending the education and research phase and pushing the 1 year goal to maybe a 2 year goal.

It'll give you so much clout.When you are seen as a player and someone who closes on deals, that's when the calls come.

The irony of the 1% "rule" is that those who could even use it effectively don't need it, ie if you need to spend more than 30 seconds thinking about whether it fits the guidelines you're probably not educated enough in RE to use it anyway.