There are different constraints for cash out or refi after 3 months but before 6 months and then after 6 months. 

The rental option would be my first consideration, but being long distance and not have a reliable contractor in the area will make things difficult. 

You make a lot of your money in this business and establish the constraints or flexibility you have when you buy (the price you pay, the terms you establish, etc.) and those decisions and constraints or freedoms can have a huge impact on your wallet and the quality of your business life.  

There are bike paths everywhere and a lake walking distance to the house.

I am expanding in the NC area, doing distance owning, and looking for properties in central NC in all counties EXCEPT Mecklenberg.

If homes in your neighborhood have appreciated faster than rent has gone up, you might think about long distance investing. 

But the location is very desirable, a quiet street with many nice homes all as old walking distance to the town center, which brings in a lot of tourists. 

@Joseph Vu is there a market outside the Bay Area but driving distance where the price point is more accessible but you can self manage?

Hi Everyone,Need your help, I was thinking of doing a long distance investing but don't have a any experience doing any real estate investing but read books about real estate and now exited because of Sir.

Henderson has 1000 ft distance requirements so you should check on their site before you buy to make sure you'll even be eligible to license the home as an STR.