I now have a wonderful home to live in with plenty of created equity via forced appreciation, and minimal paid-in equity.

Also, it is common that their are delays, however, the contract clearly outlines the timeline and even though you can ask for an extension of time, the seller does not have to agree with it and they can even submit a notice to perform.

Simply enter some information to view projected key return on investment (ROI) metrics, including cash flow, cash-on-cash return, net operating income, and cap rate.Minimize risk by investing in a pre-inspected, turnkey rental property with a tenant in place to earn cash flow beginning the day the deal closesBegin the loan application process early, because sometimes lenders require more paperwork than when you’re financing in your home stateHire a good local property manager who has experience working with out of state investors.While buying out of state rental property does come with some risk, investing the right way helps to minimize those risk while maximizing the overall returns of your property portfolio:Key reasons for investing out of state include increasing cash flow and portfolio diversification.Affordability, matching markets with investment strategy, and property affordability are three advantages to buying real estate out of state.Turnkey rental property and a local property manager help to reduce the risk of investing outside of your home state.I am a real estate agent and investor in TX.Katy, Cypress, Spring, some parts of Houston, Conroe, Tomball, Pearland are great markets.Rent growth and appreciation is steady.These cities tend to command quality tenants, and they have great schools.Get in touch with a local agent or investor and shorten your learning curve and save you a lot of headaches as they tend to understand the market better.All the best!

Want to minimize vacancy as much as possible.Thanks!

If you flood and have flood insurance they would cover collapsed foundation (personal experience) and some appliances/mechanicals but contents would be minimal coverage. 

I now have a wonderful home to live in with plenty of created equity via forced appreciation, and minimal paid-in equity.

I see way way to many realtors go for flashy real estate companies that make no money or minimal money...or try to shop and shop around for the cheapest brokerage model that also probably doesn't make money or minimal money.   

For that kind of money, it was worth the extra time (3 additional months due to also getting the rehab costs included in the financing) and worth the occasional frustration which I minimized by personally staying on top of my file.

The biggest obstacle, although out of my direct control, was the lender delays. 

What can you do to plan for that and minimize the impact.