Otherwise this becomes a crap sandwich for you.Rather than an option, it would be my preference to buy property now, sub-2, get authorization of release of info so you can communicate with lender/servicer, and give seller a pre-determine time to remain in possession while you work your checklist of items to complete, starting with yard and exterior house renovation. 

This means you'd lease a multi-family property (which you may potentially then sub-lease for a little cash flow) with an option to buy at a predetermined price at a predetermined time.

Once you can answer that question you create the strategy of how to get there in your pre-determined time.. meaning is this a 1 year, 5 year , 20 or 30 year goal.. that will help determine the types of properties you end up buying based on the end goal...

Te is basically just life insurance with the coverage and premium locked in for a predetermined term.

You control the property with an Option to buy at a future date or event (death) at a set price (could be something like 100 times rent etc..)They still get to pass on to heir who pay no tax then sell to you at a predetermined price and pay no tax.

Depreciation is a tax deduction of your income that is factored from taking the price of the building (not including the land) and dividing it by its predetermined usable life (I think its factored on a 29 year life for residential).

That being said, given the difficulties of investing out-of-state, if you are concerned about a boom (and consequent bust in the future), perhaps instead of diversifying your RE portfolio, you could instead focus on 100% equity in your current portfolio, thus increasing your cash flow, and then cash out at a pre-determined sale point you set for yourself at some point in the near future?

Another option might be splitting profits on the STR with them for a predetermined period of time.

Hello I know that these loans have predetermined payment schedules for every month of the 30 yr note.

Generally, it's determined by looking at average utility costs for the area and the size of the unit.For example, some Housing Authorities might have a predetermined utility allowance based on the number of bedrooms in the unit.