I also really enjoy the process of taking something old or rundown, and making it new again, I just love seeing the results even if it's just a fresh coat of paint.

I realize that it is harder to start out of state but from what I've read/known the process is very similar to doing it in-state.

If you're considering a 4-tenant retail development, I'll assume you've already performed a fair amount of the preliminary due diligence and evaluation such as:* identified actual demand for the product type in the market you are considering, along with supply in process within competition area to the proposed site.* understand current market rents for the type of tenant and construction you are considering, and at your specific location.* understand delivery timelines, TI schedules, and general construction process/permitting for you and the end users.* have identified the most likely tenants for the development in question, and understand the building criteria each have for spaces.If you haven't answered "Yes" to each of the above, I would recommend pausing until you have the above nailed down.

6 month lease with the option to lengthen month to month at same priceThe tenants supplied a $1000 deposit and the insurance company gave us a $500 nonrefundable deposit and a $250 non refundable cleaning fee.So far, i'm happy with the process although the insurance company rep wasnt very responsive and took much longer to get the tenants in than it should have - mainly because they work 9-5 and no more.Regards,--Dave

I suspect there are ways to speed up this process of decision-making. 

@Eric McginnI would only recommend it if you are ok with also having a strong chance you will have to foreclose at a later date on the borrower and go through that process .

A mentor can help you avoid typical problems and offer advice, support, and insights as you negotiate your initial transactions.Assemble a trustworthy group of experts to support you during the wholesaling and subject-to transactions process, such as real estate brokers, lawyers, contractors, and bankers.Real estate investment may be difficult, and tenacity and determination are frequently necessary for success.

I wish we could have taken over early enough to do the application process ourself etc.

That is what I did to start investing and buy my first rental unit if you have any questions on different strategies or want to go over your thought process let me know I would be happy to answer any questions for you. 

Our homes were in Lake Tahoe area so building there is extremely cost prohibitive due to poor service contractors, high and slow permitting processes and extreme environmental regulations.