How important is a mentor?

[Richard Phan]

I've saved up some $ and ready to purchase a rental property out of state and looking into a few cities where I might be interested in starting our with. Seen all the posts about an important team on the ground etc. How important is it in your opinion to find a mentor or someone who has experience in the area with to help with questions and guidance etc?

[James Hamling]

Quote from @Richard Phan:

....How important is it... to find a mentor or someone.... to help with questions and guidance etc?

Just imagine climbing Everest WITHOUT a Sherpa, or deep sea diving without an oxygen tank, it's that important, until you yourself achieve the proficiency of being a "Sherpa of REI" yourself. 

Now what form that person takes, that's a whole other item because it does NOT have to be one selling some mentorship package. In my experience, those who buy such rarely succeed actually. Everyone I know who has succeeded in Investment Real Estate has compiled there "how to" from an assortment of places, not one relying solely on some "program". 

For example, your agent. Your agent/broker should fulfill a lot of this and if they don't you know there not the right one for your team. 
Next is financing, same thing. 
And so on throughout your team of professionals. 
Sherpa's, be it on Everest or in REI, we have dealt with "noobs" countless times before and we guide them in the journey OF the journey just as much as the actual physical actions of the venture itself. 

Than you have place's like BP, which is a form of mentorship itself. 

YT I'd stay as far away from as possible because it's going to be wildly difficult to sort who's just trying to sell views vs lend legit actionable info, the later being the rare exception unfortunately. 

Look Richard, it's a business your looking to launch, and the fundamental rules of business apply of do what you do great, and hire the best to do the rest. 

The best mentorship you can find, is the actions of building your great team. If your willing to put in the work to BE the CEO of your business. Those who get into trouble are those who want to treat it like buying a stock vs building a company. 

In my opinion there is no reason to pay for/buy anyone's "program" today, none. You decide what your going to do, where, and then put in the work to build that team, than empower that team to do what set out to do. 
It really is that simple. 
Where people struggle is in the doing. They want things to be perfect before starting, and it's not going to be. The 1st one will always be scary as hell. Anything new and life changing is terrifying.