@Juan Mendoza  I think there are legal definitions for a bedroom and there are usual and customary definitions for a bedroom, with each dependent on who you are talking too and where you are located.  

To be clear, a fund has multiple type of assets in various locations with various strategies.

I'm located two hours west of Indy.

CT is 1-2 hour drive from my location depending on the town and is manageable for one project.

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

Having some prior experience with a flip and a BRRRR locally will definitely come in handy.As someone who’s also from the Bay Area and has done rehabs on my long-term rentals, I wanted to share a bit from my own experience.

Great location on main hwy. 

It is located in an area that attracts college students/employees, working class families, and military families.

Since you're not rushing for a quick flip, you can focus on quality construction, tenant-friendly designs, and strong rental markets that yield solid cash flow and appreciation over time.A few things to consider: Location is key.

I see a lot of opportunities in the C locations on the Westside of Cleveland.