Simply enter some information to view projected key return on investment (ROI) metrics, including cash flow, cash-on-cash return, net operating income, and cap rate.Minimize risk by investing in a pre-inspected, turnkey rental property with a tenant in place to earn cash flow beginning the day the deal closesBegin the loan application process early, because sometimes lenders require more paperwork than when you’re financing in your home stateHire a good local property manager who has experience working with out of state investors.While buying out of state rental property does come with some risk, investing the right way helps to minimize those risk while maximizing the overall returns of your property portfolio:Key reasons for investing out of state include increasing cash flow and portfolio diversification.Affordability, matching markets with investment strategy, and property affordability are three advantages to buying real estate out of state.Turnkey rental property and a local property manager help to reduce the risk of investing outside of your home state.I am a real estate agent and investor in TX.Katy, Cypress, Spring, some parts of Houston, Conroe, Tomball, Pearland are great markets.Rent growth and appreciation is steady.These cities tend to command quality tenants, and they have great schools.Get in touch with a local agent or investor and shorten your learning curve and save you a lot of headaches as they tend to understand the market better.All the best!

The term sheet should also have language that states the application fee is refundable in certain situations. 

Zillow does a good job of marketing the property, messaging prospective tenants, screening applicants, accepting applications, e-signing the lease, and accepting payments. 

Find a market you like with a good future (strong schools, job market, low crime).Learn how to analyze property for good cash flow.Get your finances in order with no debt, a good budget, a personal emergency fund, enough money for the down payment, and a reserve in case anything goes wrong with the rental in the first 6-12 months.Buy.Immediately start educating yourself on how to manage problems (application screening, late rent, unauthorized pets/people, etc.) and saving for the next investment.Here's a guide that describes what good cash flow looks like and how to analyze a property.https://www.biggerpockets.com/...

If you do have open houses, do you find to be a help in getting applications?  

@Bryant McClellan I'd recommend HELOC since the fees and terms on HELOCs are a lot more favorable vis-a-vis business capital. 

My DTI (on my own) is too high to qualify for a HELOC at the local credit unions that I've talked with, and they won't let someone apply as a co-applicant if they don't live in the property as well. 

I turned $200 in material into thousands in value just using some sweat equity.I also hear from applicants when leasing our houses that the selected ours because it was clean.

This is Sweet Ryan, Yeah in WA up here water/trash/sewer is very expensive it can range around 100-150 per SFR per month or more on 2-4 units I'm averaging 100-125 per door per month (tenants pay electricity and gas (if applicable) themselves.

Have your main influencer (spouse if applicable) read "Rich dad pot dad" let them know it's just so they can understand where you are coming from.