That makes a lot of sense to me, as private lenders are going to vary in what return they're comfortable with.

He has a master's degree from the University of Chicago, and has always been employed but has been renting his entire adult life.

@Robert Dunbar Your best bet is probably speaking with local brokers to get a sense of the ARV.A cash-out refinance may be possible, but as @Jack Mawer pointed out, most lenders like to see some seasoning, and seasoning requirements will vary across lenders.

Hard to save a 20% for a down payment but still looking for alternatives like Credit cards, personal loans, hard money lender and even my car, after i finish my degree.

@Vu TrinhThe system for buying out of state rental property varies from one investor to the next, so there’s no one-size-fits-all formula to follow.However, while even though goals and investment strategies are different, there are some general guidelines to consider before investing in rentals that are out of your home state:Look for markets with vibrant economies, strong population and job growth, and low unemployment ratesUse the free rental property analyzer in this article to forecast the potential return of a property.

I may also potentially need to use some student loans to acquire my master’s degree.

I suppose you can use something like Mint to automate input to some degree.

The laws vary by jurisdiction and are a pain to keep up with.

This is going to vary by investor and based on whether the property is for cash flow or appreciation.

Although I don't invest in any STR's, a few friends do and they've been pretty happy with the degree of management they've had to do with their investments.