That is fine, but more difficult so you will need to put a lot of systems in place to start and be good at handling issues from a distance.In terms of where you should start, I think you should look at which market will give you the best return of the 4. 

Hi Gabriel Rodriguez , welcome to BP.Out of state is definitely possible but I believe you should be able to good returns in NY.

(pictures of current house pre-renovation listed along with a second house-MISTAKE)July 23, tenants move out and return keysAug 31 First set of renovations complete, mostly cosmeticThrough Sep I negotiated with Norada and M.I.P to improve the renovations, I was not satisfied with work nor scope, they agreed to all items and improved the unit through Sep while it was on the market.Sep 12 Appraisal came in for asking price of $95,000, cost $495Sep 18th Third Party Property Inspectors found items, M.I.P fixed all issues, Cost $295Sep 28th, closed on the property, no tenant yetClosing: The closing was smooth, mobile notary came to my houseAll paperwork initially was signed via DocuSign, but ended up signing everything in front of the mobile notary at the end againElectronic copies were available post-closingNo issues with wiring money, etc.Post-Closing: Home is still empty, Reedy and Company Realtors, LLC is now the Property Management companyPictures of final renovations were provided after many inquiriesHouse rent rate was lowered to $965 after sitting vacant all summer at $1065I was not sure why they raised the rent so high during the closing process.

My initial thoughts are that you bought too high, have underestimated your renovation budget and, certainly, time line and, depending on how much you are refinancing, it's not going to give you much of a return on your money.

This is right up your alley.Cap rates do not tell you anything meaningful about a property except the unleveraged returns and risk (lower cap rate = less risk).

I'm sure it's hard to estimate cost, but what kind of return do you typically see from sub-metering?

If you plan to return, hang onto the house.

The cash flow on that property would be more, since you don't have any debt service, but your cash on cash return wouldn't be very good.   

Bryan Devitt even with the inf coc return?

Aim conservatively and talk to other investors in your area about what their typical returns are.