Increasing interest rates will have an impact on selling prices and will likely hit the markets with the highest recent appreciation first and hardest. 

And waiting all those years, now factor in cap-x impact of that time eroding the savings.

Different markets experience yearly price growth that vary drastically; this may soften the impact of negative cash flow in markets were average values are extremely pricey compared to the national average. 

You can take pictures of receipts (before they are lost) and upload into QB for permanent retention.

You can always use it for yourself and don't have to commit to a permanent tenant. 

To answer your question, refinance the out of state properties to take cash out, use hard money for the purchase and the refinance out after a few months with permanent financing on the appraised value. 

Landscaping work is permitted if improments are permanently affixed to the property. it’s similar to 203k Fha but better since is not as restrictive with what kind of repairs can be done, plus there is no HUD inspector required, which are expensive as they charge around $700-$1000 for inspection.

@Scott Passman The overall condition of the property (affecting future repairs) and the ongoing management (practices that generate cash flow) are going to have THE greatest impact on your overall long term performance. 

Won't be much of an impact as I initially quoted.

If you stick to SFR rentals with 3+ bedrooms it will probably have even less of an impact.