Maybe working with a turnkey company in one of those markets, or if you want to get more involved build your own team to acquire, renovate and manage.  

Each requires a separate skill set that you need to acquire. 

If Optionee does not acquire an End-Buyer within the time limit agreed upon in Section V “PERIOD OF OPTION”, noted above within this Option Agreement, this Option Agreement becomes null and void.9.

So I set up a double closing, and then do I use the funds that my buyer wired in to pay for the A to B transaction or do I need to acquire some type of transactional funding?

My first deals were here, but I now have property to the north and am about to acquire my first properties in northern Illinois.I enjoy the rehabilitation of depressed real estate (like therapy for me - seriously!)

@Derek BennetsenTo clarify, a Solo 401k is specifically exempted from taxation on Unrelated Debt Financed Income (UDFI) when the plan acquires real property using a mortgage.  

It also may depend on how you acquired it - for instance I think some foreclosures (e.g., Fannie / Freddy)  have a maximum increase (say, 10%) that a property can be sold for within a certain period of time from the acquisition (say, 3 months). 

There are many ways to acquire financing or funds/ capital etc. you need: hard money lenders, traditional banks ( investors pay more in interest than owner occupant status home buyers), partners, family and friends, retirement funds ( maybe Roth), private lenders, mortgage brokers, crowd funding, seller financing, savings, rents/ dividends/ interest and other income, etc.

Both were originally acquired as personal/owner occupant properties but are now being used as short-term rentals.  

If you have enough towards a down payment I would go ahead and use your money to acquire a rental property.