.- Property Management:Managing properties remotely often requires hiring a property manager, adding to your costs.- Increased Travel and Communication:Regular visits and long-distance coordination can increase both time and expense.- Legal and Tax Complications:Navigating different state laws and tax regulations can be complex and confusing.Out-of-state investing can be a great way to grow your real estate portfolio, but weighing the benefits against the potential challenges is essential.

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But SMS is low cost.  

Keep in mind you cannot discriminate Section 8 applications. 

To keep things simple, I'm not accounting for the cost of capital (that is very personal and varies for everyone) and I'm not considering other exit strategies.

It costs them nothing to fix it and you have a year warranty so you’re not getting a mechanical discount. 

Even the cheap "cashflow" areas right now don't cashflow after real cap/ex costs, maybe on an excel sheet they do.

Because I want something small, basic and simple I know there are options out there that are free.

To negotiate, I leveraged the property's need for renovation as a key point, highlighting the costs and effort required to bring it up to market standards.

Inventory should be higher near you with rising insurance costs and that could mean decent deals, but don't jump too quickly.