I have a rental property in Little Rock, AR less than half a mile from this new retail development in Little Rock, AR.  

@Scott ElkinsHave you considered looking in the southeast portion of Colorado?

Within just 1/4 mile of my house in a well-established neighborhood, I've counted 5 ongoing or recently completed projects that are now for sale.

It is hard to oversee a rehab from 1000 miles away.

I believe i will get the card eventually, but rn i don’t have the papers to assure the lenders that i will get that card.I wanna buy a foreclosed house within 25 miles of 73159 (owner occupant) and hopefully rent it too.

You need to either be moving (due to orders, etc.) 50 miles away or more, or upgrading to a larger home due to a growing family, etc.

He also walks me through with the basic of how they appraise the deal to give me some idea, and looking at Zillow together with him for the property that is selling or sold within 5 Miles, we Do not see anything sell for $240k lol   Thank you again guys for your advice,  I would have got myself into a big trouble just based on what the realtor said.       

@Gary Barella that's a really good strategy however I'm exactly 2,000 miles away from my market. 

I found a property that I like, 2000 miles away, cash deal, I'm using the selling agent (century 21) for everything, Now it's time to send money to the escrow account, how can I protect my$elf, first rental, can't afford to lose.

If the property needs to be a mile from the beach and campus, cashflow will be a little harder to achieve.