Having family involved sounds great but project managing can be daunting and I would pay a 3rd party person to ensure things are truly done correctly if you are trying to find affordable contractors. 

NV is much more affordable and with soaring growth in the Reno/Carson areas, you’ll find great opportunity for both equity and cash flow! 

I spoke to some lawyers and it's not something they want to pursue or if they do, I can't really afford them.

At the time I was looking for the Best property I could afford.

Also, if prices are pushed downward by a rise in rates, affordability is not affected too much in the long run.Supply might also go up, but when every house that's listed is getting 10 offers, you could triple supply and still not satisfy all the demand, and I don't see that happening any time soon.All of which is to say, I wouldn't wait around for a crash any time soon, and if there is one, you may have other problems to worry about. 

I just started reading David Greene's book Long Distance Real Estate Investing, I'm about halfway through but it definitely takes some of the fear away from investing out of state.I haven't gotten my first property yet but I have been looking in the Memphis area as the housing prices are more affordable and the rent to price ratios are good.

Things are moving quickly and finding affordable inventory is a bit tough right now but making connections is a big start to get up and running!

Currently shooting for around the 500k mark as that’s affordable and lands me close to downtown for my preferred lifestyle, if it’s my own condo that I buy first.What would you recommend, buy your own home first or buy a rental (an investment property?)

What if they insist on staying but then can't afford it and get behind?

Raise it slowly, if they complain offer to help them find a more affordable place and find new Tennent's you can vet and know will be able to pay 1500 a month.