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. 

If you would like assistance navigating this, feel free to reach out.

I also find it interesting how to navigate recent legalization and tenancy.

I think this could be a tough road to navigate but I would certainly look at minimum standards for owners just as you want to be selective on the tenants you put into a unit I think you want to be selective on the owners.

One of the primary challenges they face is navigating the market without trustworthy contacts. 

But like Patrick points out, each city has their own processes and some have point of sale violations, and Cleveland is supposed to start doing this in the fall, so the best thing you can do is to find an experienced agent / broker who can help navigate these issues with precision and ease!

Consider consulting to navigate tax implications and proper structuring.

I find that if you are able to help people within your network navigate the complexities of private money, they will be less apprehensive and less likely to ditch you at the funding table because they get skittish.

Bad news is you still have to pay them to run it for you.Hope that helps navigate the seas on a surface level for your NOLA STR!

I used to work for the VA and I know for a fact that the VA loan will allow for additions, if nothing else, for handicap access and disability related navigations of the property, to include stairwell modifications, handrail additions, etc.This is usually only for unique cases of disability though, IE severe injuries and/or disabilities.