Hi John,Converting your existing home in Castle Hills into a long-term rental while managing it remotely from Austin is a feasible endeavor, but it does come with its own set of challenges and considerations.

.: Hi all,I'm planning to buy my first long term rental, a single family resident in the next 3-6 months.

Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time. 

Short-Term Commitment: You're involved in the property for a shorter duration (typically months to a year), which can mean less exposure to market fluctuations but requires intensive management during renovations.3.

The intent to buy, rehab and sell immediately after it is rehabbed.There is no intent to hold it as a long-term investment2.

My realtor and her manager said “No, I am not aware of this being an acceptable means to unilaterally change the terms of the lease.

Also, probably I'd have to fly out to KC a few times until I buy the property to meet the team, potential properties, etc which will add to the costs (~$600-$800 each trip) of owning an OOS property.Given this market, I'd like to hear from OOS investors if they think it's still doable to pull off an purchase worth investing in.I don't want to talk myself out of it again and focus on the negatives but also, want to make a sound decision that benefits me in the long term and doesn't hurt [much] in the short term.

We are long-term investors (10+ years) and plan to use the properties for cash-flow when we retire in 15+ years.

My current goal is to start with house hacking and move on to long-term single-family rentals.

Great long-term BRRRR deal.