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?  

I've talked to two local agents about possible price points to list at, but it almost seems like they are pulling numbers out of a hat.

I'm a part of local real estate investors meeting and I have some good realtor contacts.

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

He is a wealth of knowledge on the area and is actively investing locally as well.

(In case the local government decides they don’t want the mobile homes there any longer.)

—it’s also about reliability, attention to detail, and someone who just “gets” your space and your guests’ expectations.Do you have any hidden gems, local recommendations, or tips to share?

As a beginner investor based in the Seattle metro area, I'm eager to learn from your experiences and share my journey as I get started in this field.My current strategy is to focus on live-and-flip for the first three deals (looking for my second deal) to gain hands-on experience while building equity and learning the ins and outs of renovation and the local market. 

The local market has a lot of opportunities, especially if you’re looking into multifamily or creative financing.