With proper planning these can be extremely helpful, even more so if you're in a hot market (easy to sell) and buy off market (less competition).

Hey Michael,Easy fix.

Only knowing one person is an easy problem to fix, not one that should ever keep you from doing something. 

I can definitely get those numbers on the coast here, but it would definitely be a push to get that in a non-coastal city.Cash out financing: I would talk to a lender about how easy it is to do a cash out refinance.

I can make that really easy for you." 

So don't be shocked if a.) that was their intent when they bought the place to being with or b.) they just don't want to sell so "capital gains" is an easy way to avoid telling a nice guy "go kick rocks".  

Your CPA and attorney should be both on the same page3. make your first investment simple and easy and dont complicate it.I dont think you are quite ready to do anything until you get some one on one advice from some local experts.

Is it easy to find renters there?

Not buying is really a pretty easy way to get a nice return without the tenants, toilets or trash.

I just met with her, and she was very easy to talk to.