what happens is folks will do this.. an event of default happens.. the first lender since your not the borrower wont talk to you and there only answer is cut me a check for the entire amount of the first.. so if you have a first of 400k and you gap fund 100k and the first has a problem you need to have the 400k liquid and ready to step in and take over.. or you have a step in agreement you step in make payments finish the house and sell.it is quite customary to get 50% of the net profits in a gap funding scenario . 

It looked awesome after about 3 months...coincidentally about the amount of time it took for my back to quit hurting every time I looked at it! 

I have ran several single-family homes and found them to be quite ideal in terms of return using the calculators here.My first question is;How do you manage to work a deal with an out-of-state house?

Plenty of options depending on your goals.It's not quite the Sprint, since we're sticking to 25% dp rather than 50%, but it's definitely faster than Bulk, and you typically end up with a nice little portfolio of free and clear props in 10 years, give or take.

@Deepak Kumar I am in Oak Park regularity, and have quite a few friends who are purchasing in the Austin neighborhood.

On the east side it varies quite a bit.

Trying to work out a strategy to quit my day gig and last well until pension.

Rentals are the basis to quit the day job how can you do that at negative cash flow.Paying off the mortgage is a bad idea when in the early days of building a portfolio. 

Although it was built in 1958, the bones on this Quad were solid and the risk of any major capex was quite low (knock on wood).  

It will just make my already-negative cash flow worse, but when I bought the property I had quite a few other reasons and motivations for doing so and I was very clear on the negative cash-flow situation.