Additionally, always factor in property management costs, maintenance, and potential vacancies.

The low initial investment and high resale value made it an attractive opportunity.

Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time. 

Oh, let me count the reasons, stark and clear,Why in the Rockies, dreams might disappear.Firstly, time's dance, a tango unforeseen,Delays and setbacks, patience in between.Secondly, budgets shift in mountain air,A treacherous venture, costs rise with care.Like winds that howl, a financial plight,Draining pockets in the mountain's height.Thirdly, expertise, a crucial call,A craft refined to prevent the fall.In rocky realms, build cautiously,For seasoned skill shall guide to victory.Oh, let me count the ways, with wisdom's might,To pause the dream, build in clearer light.Where were you CountTheWaysGPT when I needed you?

If they are good, they should be absolutely definitive on rate, terms, costs, etc.

Many offer low introductory rates and low fees. 

Abating the odor (tobacco and Marijuana) is costly and time consuming. 

Just so you have a frame of reference the cost of a 1031 Exchange is typically around $1,200.

He hired a mold remediation company and looks like there is significant amount of mold and the cost estimate to remediate is coming to 12k. 

Our stock/bond portfolio is currently at around 30X expenses, plus we own our primary home with $200k outstanding on a low-rate mortgage.