Assuming you're going to get conventional financing the guidelines state 6 months.

My friend has no knowledge in real estate but loves and trusts what I’m trying to make happen.

@Ivan Shao  No, you cannot evict a MtM tenant in NJ for no cause, the state anti eviction statute protects them, all leases renew MtM if you don't issue a longer term lease. and rent raises cannot be retroactive, no matter how long it's been.Senior Citizens: 62 years and older - PAAD Guidelines; maximum 2% or Consumer Price Index (CPI) whichever is less (Absolutely not a penny more).

So do your due diligence and make sure that the strategy you know works in California will work in other states as well.If you don't know the area, here's what you'll need:A local real estate agentA loan officer licensed to originate loans in that stateA local property manager (they should have repairmen, contractors, etc. contacts for you)It works best when you have local "boots on the ground" so to speak, meaning friends or family members who can keep an eye on the property for you... which your property manager can do for you, but for a fee.I would recommend reading BiggerPocket's book on long distance real estate investing for a ton of other tips as well: https://www.biggerpockets.com/store/long-distance-real-estate-investing-ultimateIf you have any questions about the Phoenix Metro Area market when you're considering which area to invest in, feel free to reach out and I'll try to get your questions answered or point you in the right direction!

Hello BP Community,My name is Tashoma Lesane and I am a new member who was introduced to BP by a friend.

Hello BP Community,My name is Tashoma Lesane and I am a new member who was introduced to BP by a friend.

Books: Rich Dad Poor Dad, Think and Grow Rich,  How to win friends and influence people.Podcast: BPMentors: @Ben Leybovich, Tom Krol, Joe McCall for the US. 

It's unlikely given how friendly the laws in California are to tenants. 

I don't have interest in investing in my home state NJ (a state with more landlord friendly laws would be more up my ally).

I have friends in Fairhope and was just visiting them last month.