What are some of the things that I should be doing to get ready for that first OOS investment to minimize the risk of getting screwed?

I just did this with a lender in OC, reasonably pleased with results (4.5% fixed 30yr 75% LTV minimal fees).

I brought in additional money into the closing of around 40k for rehab funds in order to bring the purchase price where it needed to be to bring it to 190k.The plan with the property was to either spend those rehab costs on a full remodel or do minimal fixes and just have the new tenant buyer for the lease option upgrade the property to their liking.

However, there is no doubt that a self-managed property is going to get the type of attention and bias it needs to maximize profit and minimize expenses.

From my personal perspective I’ve seen and have plenty of help from here and by networking I’m notNaive to believe I won’t make mistakes but I feel I’m in a better position to minimize mistakes but knowing that on my first deal I won’t know everything and there’s going to be something I could have done differently or better but that’s with everything In life.

Minimal (if any) revolving CC debt.

Not to minimize those jobs but personally I am much more excited about all the accelerators operating in Columbus and the future growth and impact of those in Columbus.  

Purchase price: $100,000 Cash invested: $190,000 Sale price: $250,000 Used a General contractor on this property and did minimal work ourselves.

Purchase price: $100,000 Cash invested: $190,000 Sale price: $250,000 Used a General contractor on this property and did minimal work ourselves.General contractor made things so much easier!

The key is to minimize them.