I grew up in Memphis where I own 4 long-term rentals that are SFHs.

Purchase Price:Total: $1,985,000.Deposit: $10,000 (First Deposit) within 3 days, additional $30,000 (Second Deposit) within 30 days.Seller Financing: $297,750 (15%), 5-year term, 20-year amortization, 6% interest.Balance: $1,647,250 to be paid at closing.

Hi John,Converting your existing home in Castle Hills into a long-term rental while managing it remotely from Austin is a feasible endeavor, but it does come with its own set of challenges and considerations.

Assuming  this revenue ruling still stands, it mirrors the SC situation nicely, meaning it would support your acquisition date of the real property not starting until you have taken possession.I think this would be highly dependent on the terms of the local jurisdiction as well, so what might be correct in one jurisdiction, could be completely wrong in another depending on the rights acquired related to the property.But happy to be pointed where I am wrong!

.: Hi all,I'm planning to buy my first long term rental, a single family resident in the next 3-6 months.

Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time. 

Short-Term Commitment: You're involved in the property for a shorter duration (typically months to a year), which can mean less exposure to market fluctuations but requires intensive management during renovations.3.

The intent to buy, rehab and sell immediately after it is rehabbed.There is no intent to hold it as a long-term investment2.

We are long-term investors (10+ years) and plan to use the properties for cash-flow when we retire in 15+ years.

The market has bounced back from Covid and all things are go in terms of tourism.