I believe i will get the card eventually, but rn i don’t have the papers to assure the lenders that i will get that card.I wanna buy a foreclosed house within 25 miles of 73159 (owner occupant) and hopefully rent it too.

You need to either be moving (due to orders, etc.) 50 miles away or more, or upgrading to a larger home due to a growing family, etc.

He also walks me through with the basic of how they appraise the deal to give me some idea, and looking at Zillow together with him for the property that is selling or sold within 5 Miles, we Do not see anything sell for $240k lol   Thank you again guys for your advice,  I would have got myself into a big trouble just based on what the realtor said.       

@Gary Barella that's a really good strategy however I'm exactly 2,000 miles away from my market. 

I found a property that I like, 2000 miles away, cash deal, I'm using the selling agent (century 21) for everything, Now it's time to send money to the escrow account, how can I protect my$elf, first rental, can't afford to lose.

If the property needs to be a mile from the beach and campus, cashflow will be a little harder to achieve. 

The property will be Lehigh Valley or Philadelphia, Pennsylvania and my Agent told me that according the law “If you live more than 30 miles away you need hire GC” (Is it general PA law ?)

Approximately 118k people live here across 50 sq miles.

So essentially, I’m looking at paying a higher mortgage (~2000) for a 2 bedroom condo at 263,000, versus getting a very upgraded 300,000 4 bedroom home for about $100-$150 a month cheaper, in a neighborhood that’s not as cool, and a little further out into the Southeast Austin fields.

What I have seen so far on the mainstream searches (zillow, redfin, etc) has led me to the newer homes on the 603/Indian River Rd area, south east of salem.