With a good PM in place you could make any property function properly for an out of state investor.

Was that through your own searches, emails from your agent, combination, or something else? 

Because I don’t want to invest 100% of the $800,000 in real estate, I am thinking of keeping:10% ($80,000) in savings10% ($80,000) in bonds 30% ($240,000) with financial institutions to invest in mutual funds, index funds, and stocks, And the remaining 50% ($400,000) in real estate.My goal is to allocate $200,000 of this $400,000 to acquire a combination of SFR, BRRRR properties and possibly duplex/triplexes throughout the next year or two.

We did a ton of work to the CA property, so that combined with the incredible appreciation out there in the last few years, we're sitting on a pretty remarkable paper gain.We've racked up quite a bit of debt rehabbing both the CA and NC properties.

The two properties have a combined square footage of over 4400 square feet.

ALL insurance is the same price.. what you can negotiate though is on escrow functions..

Just recently dealt with a non-functioning HVAC and the homeowner had a home warranty.

You need a bit more spread anyway between purchase price and ARV - combined usually 80 to 100k, roughly half of it is rehab, half is equity.

In any case, I found the following after she moved out:- Smoke/animal smell throughout the unit (she was a smoker and smoking in the unit was strictly prohibited and dog was allowed per the lease)- Carpet with cigarette burns and soaking wet at the time of removal (no telling how long its been like this)- Rear window has a broken pane (still functional as it is a double pane, but needs to be replaced regardless)- Holes in drywall- Replaced bedroom doorknob with deadbolt (because her middle school son was stealing cigarettes lol)- Backyard full of metal/wood fragments and general rubbish including shoes, a knife, batteries, fishing reels etc. 

The greater outcome will come in the future as other properties are acquired in the neighborhood, but in the meantime we’re going to capture a combined $500 of cash flow every month Lessons learned?