I've found the key to rentals is tenant selection -get it wrong and you're in for a world of hurt.

I had her dad co-sign and I checked his credit.

@Aaron L.i would go with Strategy 2 to build an out of state protfolio and continue to rent till you get a fair deal in LA.You should get a prop mgr who can vet the OOS property for you as well.lot of investors do take the turnkey route with build in prop mgt. ( Do check the turnkey reviews websites. lot of them are marketeers and not an actual turnkey company)you can also buy off MLS or wholesalers as long as you have a prop mgt co selected in your cash flow market.Best of Luck

I'm signing the papers to sell my first flip in a few hours.

I am signing papers Friday to finish up my HELOC that I have similar plans with.

Is it enough to just get a signed lease for that rental income? 

Even though you use your IRA to own the property, you will personally sign for the responsibility of repayment for a commercial loan.

Alex:Our June 19th meeting covered selecting a business entity.

I have a few properties pre selected, will define within days.I would like if experienced investors in that area could point me to proven Property Managers, good, honest and inexpensive. 

Are bandit signs near intersections or shopping centers allowed in Pittsburgh?