Is there a specific strategy that all newbies start with ?

There are also some creative strategies like sub-to and wholesaling you could explore.

I am concerned about our exit strategy on this.

Hey @Griffin Malcolm, if you have the ability, I think house hacking is a great strategy.

I am based in NJ, but am targeting the South Bend, IN area for my first rental (primarily interested in long term rentals using the BRRR and buy-hold strategies).I am new to investing so I would love to connect with other investors, agents, lenders, property managers in the South Bend area or anyone who focuses on out-of-state investing as well! 

Or try making an adjustment to your strategy and going the STR route, reach out to AHN, UPMC, and/or Heritage Valley Human Resources department and see if they have any travelers or traveling agencies looking for placements for their travel staff.

Depending on the property itself and strategy you are implementing it may be an up hill battle in these areas.  

Exit strategy is to refinance and use as Airbnb.

Also consider the cost and risks involved in obtaining a home equity line of credit.Evaluate your financial goals, risk tolerance, and investment strategy to make the best decision for your next investment. 

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