If I purchased a home locally I’d have to ask well beyond the market rate on rent just to break even.

For starters, I recommend to begin with a single family home or if you are looking to start locally, do house hacking. 

It’s not necessary to stay local for these services as long as you have online bank statements or a solid way to get them to the bookkeeper.

Consult your local CPA to calculate accurately and minimize your tax liability.

I can put in touch with a couple of local insurance agencies.  

Follow the local licensing and disclosure laws.

Their company is pretty great at not responding to their communities people , not following local law yet alone their own lease agreements The uptick of lot rents I get it it’s business but also driving out affordability for people which again it’s a business so some may say that part is just the territory , but not following lease agreements , hiring poor management and then doing nothing about it when it’s escalated is a reflection on their business aswell   best of luck. 

To get started, connect with a knowledgeable real estate agent and lender, practice analyzing deals, and network through local investor meetups.

That being said, your typical cost of capital is as follows:EquityAgency debtBalance Sheet local lenderDebt FundPrivate DebtPref EquityHard Money DebtBookie/Loan SharkOther things that will impact capital sources: are you wanting to finance the improvements, or will you pay for those from equity/cash flow?  

As others said out of state can be more challenging based on location but local or out of state both can be done.