I also would look for a market that is emerging, has population growth, jobs expanding, favorable landlord laws, affordable for the residents.These are just some metrics.

I’m creating policies and procedures now and I’m on a quest to find the things that landlords don’t seem to appreciate from other existing property management companies, so that I can build being different into mine.

That was done under the Emergency Price Control Act of 1942 to TEMPORARILY control prices in the interests of national defense. 

I had a family who were schemers-always had stories and getting different charities to pay their rent and I was just tired of dealing with them so I gave them the proper notice at the end of their lease and in that notice I included the move out procedure and a reminder that they would owe $1600/month rent if they were still there on the 1st per section X of the lease they signed.

You can also put in more time / effort in your W2 job to try in bring in more money for more properties.Good luck and don't forget to keep your emergency fund beefy! 

If you have stable income, good credit, and an emergency fund get in the game. 

A hosting business involves marketing (LTR only markets when there is a vacancy), cleaning/turnover, check-in/check-out procedures, and a concierge communication.The analogy to Walmart is absurd.

He told me that I shouldn’t put that on the application because the underwriters will consider it too risky and he said to say emergency funds.  

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. 

Time sink: takes so much effort and time while working full time.Option 2: Buying Rental Property in a Cheaper MarketPros:Time to cash is immediate is about 40 days from closing time.Landlord friendly: which means eviction and rent control in LandlordDiversification: Investing in a different location spreads the risk.Property Appreciation: Some emerging markets might offer significant appreciation over time.Established Rental Market: Easier to find tenants in established rental markets with a high demand.Potential to build an ADU: i can build on the property land.