That said it’s totally possible to do what you want to do and invest out of state, just Ben very weary and do your due diligence before spending your first dollar.

Spend some time there.

For that area, the maximum FHA loan amount appears to be $1.4MM, but please correct me if I am wrong.Aside from the 3.5% down, I have also read there will be 1.5% PPI and closing fees, so should expect to spend 6%, but can refinance the PPI after a year or two. 

I would not spend a lot though on it and shop around to find a decent but low priced one.

Go spend a year or two putting families in homes, focused 100% on that, and nothing else, not even having the mental capacity to ask unrelated questions (you're working 70 hours a week getting your super basic-level business just barely up and running, you don't have time for such nonsense).

If you wanted better performance, you should have been more careful in your selection of property.The fact that your PM is spending the time to explain this to you tells me they're not just a rip-off company.

There are 2 BR units within 10 houses away that rent for $600-700This property is also in a flood zone, it is in the firm remarks so $2500 for flood insurance, not only that but your basement is stressed from the various floods over the yearsprobably $2200 for insurance if you live there, and higher if you don't2017 Taxes are $3701, 2018 will be higher as 3 families assessed values in Worcester went up 9% on averagekeep in mind that when this place is "fixed up" the market value will be about $310k as there are 4500 of these in the city and this is on a 3810 SF lot in a RG5 Zone which requires 5000 SF so it will be hard to ReFi out of whatever hard money you use.Let me know if you want a tour of Worcester before you spend too much time running numbers.

I spend 3-4 times a week looking for smaller multi family but bigger than a 4 plex.  

in Jackson its the RIG meeting once a week.. keep in mind though advertising a property you dont own in MS is not legal.. its done every day but if someone turns you into the department of real estate your going to spend some money defending yourself.I had a client in MS.. now granted he was a volume player in the turn key space but he would advertise his BRRRRs before he owned them. 

Don’t spend it all and learn to invest.