@Tyler Cornfieldshort answer - i don't know if you are or not. ask some lenders.but i'll say this about out of state investing at this time. 

But I am open to it if I can use the security deposit to replace the carpet (not sure to what extent it is legal).I was thinking of getting landlord rental protection from Zillow to cover pet costs but my premium will probably shoot up since the place is carpeted.Would love your thoughts on this dilemma!

Have any of you worked on a project similar to this?

There's a saying I really like in the REI space..everybody goes from single family to commercial.

It took me a while to get comfortable with 30y mortgages.You have to learn how to control that.

Quote from @Evan Polaski: @Jay Hinrichs, coming from someone that works in syndications, there is a part of me that agrees with you.  

Quote from @John Regino: What % of GP profits are typically shared with someone who raises 95% of the deal equity?

While this is all going on, what research have you done to compare LTR and STR options?

In 2023 we bought our first single family fixer upper, we bought it cheap with cash in an area about 2 hours from our current home.

When I have these questions, I try to think about what I would expect from my landlord as a tenant.