I personally use 40% but I'm also in a higher rent area.

In addition, you want a separate bank account for the rental property to separate it from your personal accounts.

What I was getting at is that even investing "out of state", let alone out of the country, is more difficult when you don't have any personal connections and even more difficult with your first property.

I warn people over and over and over to know what they are buying and to go personally see what they are buying. 

I personally believe that a better way to jump into mid term rentals is to take a course on buidling a property management company or cohosting business where you bring your skillset to the table without the intial investment into all the furniture and leases.

The voucher is the most that Sec8 will pay for that person’s rent regardless of where they rent.  2) The second part of the Sec8 equation is the market rates for specific neighborhood’s and property types (SFR vs apartment, # bedrooms, # baths, utilities included vs paid by tenant, etc).

This person did not raise any money, they invested around $600,000 into the offering and because they were one of the larger investors were considered a Co-GP because it was a new sponsor and they needed this persons $.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

There are any number of Real Estate schools available to you, so choose the one that compliments your learning style, whether that be online or in person or a hybrid. 

In high-cost markets like Chicago, that can be tough to meet.If you're looking at a duplex, the self-sufficiency test doesn’t apply, so you’d just need to qualify based on your personal income and the rental income your lender allows.If your current lender isn’t familiar with making FHA work in your situation, it might be worth getting a second opinion from someone experienced with FHA multi-unit financing.