Now instead of an eviction issue, you have an employment contract issue.

If the 401k is with your current employer, you may not even able to do so.

Paying cash for the 1st rental is key and it is great you have the equity from your primary to do this.So I spoke with one lender that deals with investment financing and this is the method.  1: buy house with cash2: remodel and improve with intention of buying into equity3: (this is the tricky part with time)  Wait 6 months (some make u wait 12mo)  and get reappraised with intention of financing for 70% the appraised equity.4: Use the 70% pulled from 1st home to buy your 2nd property.This method works better in flips because once the 1st home is sold you can do the method over agian.  

I want to employ a BRRR strategy locally in Richmond with the proceeds.

What matters to me are the bidding methods (eg.

Very common method with personal houses, single family, duplexes, multi units, etc and can remove a huge "Potential" tax burden.I m sure some the BP members have a generic Contract you can Customize for this deal, eliminating a lawyer fee.

One of the most common methods is by combining business and personal funds. 

For my first deal I would like to know whether it would be better to purchase an investment duplex out of state or wait until I establish employment and purchase a duplex to owner occupy it in my local area.Sincerely,John G.

The best market throughout the US with the lowest active management costs, trending upwards for employment and population growth, low property taxes and insurance and high rent by ratio with high cap rate would have to be Jacksonville, FL.

My job is interesting, but I crave the freedom of self-employment.