Investing in real estate out of state can be a profitable venture, but it requires careful planning and execution to minimize risks and maximize returns.

The easiest way to avoid the licensing issues is to simply lend money, or buy paper on investment properties. 90% of the states do not require a license to originate, lend, or buy and sell paper if the subject property is Non Owner Occupied, ie: Business Purpose Real Estate, ie Investment Property. 

You can't require them to keep the cat in a carrier and never touch the carpet because that is impossible to do or manage. 

If my state law allows, I am attaching to the liability attorney's fees and compensation for all of the time and expense incurred in resolving this issue.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Someone can let me know iif I'm missing something, butFHA requires pmi. 

Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

Does taking a home equity loan require consent from all owners on the deed?

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

.- is expensive.