Wonder who can give some advice about which neighborhood close to downtown Pittsburgh is the best to invest in.We wants to buy our first rental property (eyeing for residential/ multifamily).

Prices soften a little....but no where close enough to offset increased borrowing costs.There are basically two logical flaws that lead people to the conclusion that rising rates equates to equally low prices.1) They assume that other investors have the same borrowing costs that they do.

When deciding between investing out of state vs home hacking in Oakland, keep the following in mind.Oakland House Hacking:Proximity: Living in Oakland while house hacking enables you to maintain a close proximity to San Francisco, which might prove advantageous for property management and maintaining connections with the local market.Possibility of Appreciation: Property values in the Bay Area have increased historically, which is good for accumulating equity over time.Local market dynamics, tenant preferences, and potential obstacles might be simpler to comprehend when one is in a familiar location.Demand for Rentals: Oakland has a robust rental market, and you can discover good demand for rental units if you pick the appropriate property and location.Creating Local Connections: If you live in the Bay Area, house hacking can assist you in making local contacts with property managers, real estate agents, and other investors.Investing Out of State:Investing outside of your state may be more affordable and enable you to use the same funds to buy more than one property.A few out-of-state markets can have more favorable cash flow prospects in contrast to the pricey Bay Area market.Geographic diversity, which can help reduce risks related to market-specific variations, is made possible by investing in a variety of markets.Hiring a local property management business, which offers a more hands-off approach to property management, is often necessary for out-of-state investments.Remember, both options have their advantages and challenges.

Using an attorney to prep docs and close is always smart.

DSCR is also popular among investors because you are able to close in an LLC and you don't hit a max amount of loans like you do with conventional financing. 

I really go the extra mile to help out of state investors to understand our large metro market, and then close on a property successfully no matter where they are. 

You might be able to offer them close to asking price if they will contract with you for a no or low money down situation.

Thank you Rahul,Delayed financing requires two closings, but it gives you the bargaining leverage of cash purchases while recovering a bulk of your initial capital and providing funding for the rehab. 

You could close out your HELOC and try to get a new one but I am sure your rate will be much higher.

Plan on 65% LTC, at least one sponsor/borrower that has done a similar project in the past in terms of scope and dollar amount (inclusive of if you add a new partner willing to share in the risk/reward), 10% post-close liquidity (can't use loan proceeds to check this box), net worth equal to or greater than the requested loan amount not including subject property in net worth calculation (adding the other sponsor/borrower can fix this, too).