Would that be written off as an expense against the property owned out of state? 

How are the expenses managed when it’s self directed?

@Chris Watson it’s not a race to the bottom if competitors have a purchase price that is much lower or lower ConC goals.

Once you gain traction and get some deals the good news is you can hire a VA to at least to the initial calls for you (less no's) and you only talk to the ones interested in your offer (I know it because I run a call center for Real Estate).Mailers can also work, in that case interested sellers reach out to you, mailers can be expensive though so its also a numbers game.

I keep thinking the more regulation the more expensive it will get. 

We have seen a lot of investors over the past few months take advantage of the much lower RE prices.

Changing cabinetry after it's installed is generally expensive and looks piecemeal.If you put a dishwasher where the oven is, you'd have to pay a plumber to run a line back over to the sink and it will cut through that corner cabinet Basically, if you're moving stuff around, it is a big deal. 

Lower appreciation, but great livability.

Potential income minus expected expenses.

If I'm using Google AI, result is not that good: A capital call, also known as a draw down, is when a real estate investment fund or partnership asks investors for more money to cover expenses.