I personally love Columbus in terms of doing value add.

There, you can typically expect cash flow ranging from 10-18%. 

Are you kidding me, your entire investment is based on using the property for short-term rental - any complaints by neighbors and you have to cease.

It would be a long term rental.

It would be a long term rental.

Prioritize paying off existing debt to improve your debt-to-income ratio for better loan terms.

I grew up in Memphis where I own 4 long-term rentals that are SFHs.

Purchase Price:Total: $1,985,000.Deposit: $10,000 (First Deposit) within 3 days, additional $30,000 (Second Deposit) within 30 days.Seller Financing: $297,750 (15%), 5-year term, 20-year amortization, 6% interest.Balance: $1,647,250 to be paid at closing.

Assuming  this revenue ruling still stands, it mirrors the SC situation nicely, meaning it would support your acquisition date of the real property not starting until you have taken possession.I think this would be highly dependent on the terms of the local jurisdiction as well, so what might be correct in one jurisdiction, could be completely wrong in another depending on the rights acquired related to the property.But happy to be pointed where I am wrong!

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.