Good for you that your taking the plunge into this big, detailed world of real estate!

I'll spare you the details, but the houses generate enough rent in the first 12 months or less to cover the purchase price. 

However, getting into the details, and tax parts of it.

I asked him to tell me man to man all the details tonight and that I'm about open and honest communication - he still wouldnt come clean.  

Take a look at this case and the vast amount of detail the IRS uncovered.

There are many factors at play, but it seems many eyes are turning to the Philly rental market, not to mention us local guys with the connections.

ROFL  It might really bother people who like HOAs but that rule would not keep me from opening a sober living home or possibly even a halfway house in that HOA development.I often roll my eyes at HOA rules.  

Something to consider and keep my eye on when I do my own unit inspections.Before the a/c died completely, I needed to make numerous repairs to that HVAC in the first 18 months I owned the house. 

Once you think the numbers work then start calling people that are running ads and one conversation Should lead to another and hopefully you'll find enough reasons to fly out and meet some new contacts.Account Closed is correct there's a broad spectrum of deals to buy from a total gut job to a full on turn key program.I'd definitely stay away from fix and flips in the beginning and look at light rental grade rehabbs to full on turn key.The most important aspect of out of state rentals is the property manager, for this reason I finally decided to partner with a management company in Michigan to help protect mine and my clients assets.Ohio, Michigan and Missouri are still under valued and offering good returns.The detailed kind of information you're after is more of a phone or sit down conversation.

If you have family here they can also keep an eye on your investments.That said,  50K does not buy much unless your are going to do your own repairs.   100k range is better home and location.