Process is simple. 1. purchase contract2. send contract to title company3. bring cash to closing and you're done

As we all know, you are really paying for the commission in the purchase price. 

@David YoungRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

There are no restrictions preventing out-of-state investors from purchasing rental properties in Texas—these investors enjoy the same opportunities as Texas residents.Additionally, the financing restrictions you mentioned don’t align with reality.

However, the LLC is grandfathered in, and so they are saying we would be able to still operate this if we purchased and managed under the LLC.Obviously a lot going on here, and I am still relatively new to this world (would be first STR in Nash).

I am a rookie investor hoping to purchase my first property within the next 90 days.Kwanza Hi Kwanza,The first thing you'll need to decide is whether or not you want checkbook control of your self directed IRA. 

We recently came upon a small property and are seriously thinking about purchasing our first rental!

Quote from @Laurens Van swol: We are exploring the possibility of purchasing an investment property in Florida.

If you are looking to just calculate profitability, set how much profit you want to make then:ARV - Purchase Costs - Holding Costs - Selling Costs - Desired Profit - Rehab Budget (including contingency) = Maximum Allowable OfferIF you cannot calculate those numbers, a spreadsheet isn't going to help you. 

Purchase price 70k currently pulling 900 rent ARV 110 - 140k, rehab about 25k