Yes, I foresee many potential issues that you'll want to consider carefully before pulling the trigger on an OOS property in a C or D area (see my previous post for details).Good luck out there!

However if you plan on buying 3-4units, there is a trigger rule for FHA, it is called the self sufficiency test.

How important is it to have a list of team members before starting out---Should I just pull the trigger on a place and send an offer if it works financially and learn by trial and error? 

Taxes are $1175.I am thinking of pulling the trigger and offering $46,000.

Only when you have a solid foundation in underwriting would I pull the trigger on a purchase because as you have seen - it will be a money pit for awhile and if you don’t have the exit strategy to pay everyone back - it won’t be your money pit long because they will foreclose. 

All it takes is 1 or 2 dominos to fall in a specific market that could trigger action but agreed the banks could be propping this up from happening.

I have a parcel in Michigan just waiting to pull the trigger on building

Did you ever pull the trigger on a rental property in Provincetown?

I’m really focused on getting all of my ducks in a row before I pull the trigger on my first deal…mostly looking for distressed properties that I can pay cash for to begin with.  

For a TX real estate pro, Michael is an obvious choice of tax pro.Prior to pulling the trigger on a Cost Seg study, you should evaluate 2 things:1 - How much net additional deprecation tax deductions a Cost Seg study would provide: Best way to get this is by requesting a free feasibility analysis from a Cost Seg provider.