New OOS investor looking for guidance

[James Smith]

Hey everyone, 

I'm relatively new to real estate and looking to purchase my first property (out of state) in 2024! I'm looking to purchase a cash flowing single family home (most likely in Midwest or Southeast) that follows the 1% rule. I have a few questions based on my personal situation that I hope to have answered so that I can get a better feel of what to expect going forward.

Background info: I'm currently 19, in college, and have about 80k saved for a property though I can get up to 120-135k by selling investments if I need to. I would prefer to purchase my first property in cash. 

1. Is it reasonable to expect that I can find a home for 80k that is ready to rent or only requires a few thousand in repairs?

2. If I instead opted to look for something that is a little more expensive in the range of 150-250k would I be able to get a traditional loan with a parent as a cosigner and a down payment of 50%+?

Context: As I said I'm 19 and earned most of my money before I was 18 and it was done in my parents name. Because of that I personally have no sources of income to show except for maybe a few thousand. However, both me and parents have great credit scores along with my parents having a great income. So would the cosign and 50%+ down payment be enough to qualify for a loan?

3. If you have any advice that would help a rookie like myself out regarding the basics of OOS investing along with the best areas to look into I would love to hear it!

[Austin McClain]

Congrats on getting started at a young age. I'm sure your future self will thank you! 

You should talk to a DSCR lender. They may be able to help with the loan and qualify you using the income from the property you're purchasing.