It's absolutely is possible to find a cash flow positive property out of state, even in the current market.

This home was behind my current 3 family home (I Live in ) it was the hoarders home in a great community and I could put parking on the lot - If you Live near the Jersey Shore you need many places to park How did you find this deal and how did you negotiate it?

There is a safe harbor for you…it’s just 110% of prior year since you’re over the $150,000 AGI.You can also base on 90% of current year’s taxes to avoid the underpayment of estimated tax penalty.Keep in mind you can use Form 2210 along with your return to show the IRS how much income you earned by quarter and make your estimated tax payments accordingly.

He's currently on a month-to-month lease.

I'd love to connect with anyone currently doing deals in the area!

@Sonal Chopra what a great question, thank you for asking this to this community.Long-term goal would be the same goal my wife and I have today; Build, passive on going revenue streams that exceed our current and future expenses with the ultimate goal of giving away 80% of what we make to charities and causes we want to support.

I am currently working with a real estate agent and they are sending me a bunch of really good deals on the market. 

The ADR is currently $1388 a night. 

Ideally you do this if the rates are lower so you don't want to cash out refinance a property if the interest rates are higher than your current rate.

I am currently looking and experienced with single family but am interested in learning more about commercial also.