They are not as distressed, look for stuff like single pane windows, older style of trees - there are several shrubs that were extremely popular in the 80s and are not popular now.. look for wheelchair ramps.

But it's designed to get you to get involved with what ever that "guru" is talking about .

What is at risk in both cases is the cash.The BRRRR method, although popular, has a number of problems with it. 

That is the hardest part for most.The way you find/get these leads will make or break you.What I will tell you next is not the most popular choice, and that is exactly WHY I am in such a great position.Get a website immediately.

Their population and jobs are fairly stagnant but it's still a popular cash flow market.

The pass-through would occur in the partnership or s-corporation scenario.The taxation of the income would depend on the designation of the taxpayer whether they are considered a real estate professional or passive investor as well as whether they are renting or flipping for example.  

In no particular order I have listed some of the most popular markets for out of state investorsCleveland, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeBirmingham, AlabamaKansas City, MissouriSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiEach of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio.

In no particular order I have listed some of the most popular markets for out of state investorsCleveland, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeBirmingham, AlabamaKansas City, MissouriSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiYou can make or loose money in any of those markets.

But to answer your question specifically, I look at zip codes that surround areas that are already popular and happening because that's where the growth will expand to.

I’ve found that lenders can’t do much to fight low appraisals, I believe because of lending regs that came out of the financial crisis designed to avoid the games that were being played 10 years ago.