Good morning Biggerpockets community,May I ask for your opinion!  

I saw a property, town home 3br 1.5 ba in Suffolk, VA, keep in mind I live in Northern VA.Want to know what you’re strategy would be for such a property:Foreclosure Sale price 30kNeeds cosmetic work, kitchen bathrooms, paint, carpets a little landscaping etc.Property is valued between 85-105kIn my opinion (a very inexperienced one) sounds okay, thats if there isn’t any other major issues in the property.

Wanted first hand opinions on whether cozy is worth while for a new landlord?

In your opinion, which are the "steps to follow" when approaching an unknown investor to offer a deal?

Usually just by these metrics, you can get a high level overview of where demand may be going.Also, you could speak to surrounding brokers and property management companies to get secondhand opinions.

Therefore, I am interested in what experiences/opinions others have about out of state rental property investing?

They rely on the historical data to formulate their opinion of value.

Hi @James L doddIn my opinion, I don't think it would make sense to go more than 20%-25% down on a seller financed deal.  25% down would be conventional financing terms so if they start to require around that amount you should be getting much more favorable terms on the deal (for example, amortization at 30 years, 7-10 year balloon payment, interest only for 1 or 2 years, etc).The big thing would be for you to confirm that the NOI is accurate. 

I think you choose correctly going into this investment segment.Regarding servicers - I have tried few, and the best in my opinion is Madison.If you would like me to share my direct contact with you please send me PM and I will be happy to assist.Eran

Feel free to reach out for specific area market data / trends or a price opinion.