I’d separate this into two decisions instead of one:First, evaluate the property on its own merits today, not based on how you bought it.

Does anyone have a good resource for evaluating long-term risk when analyzing a property?

Greg — good question, and it’s one that trips a lot of investors up.DSCR loans themselves are non-QM / portfolio loans, so they are not Fannie/Freddie-backed and do not fall under the 10-loan agency cap by product type.However, where it gets nuanced is how the loans are held:Many DSCR loans are made to LLCs, which keeps them completely outside the agency count.If a DSCR loan is in your personal name, some lenders may still consider it when evaluating overall exposure, but it’s not counted the same way as an agency loan toward the Fannie/Freddie 10-loan limit.That distinction between agency-backed vs. portfolio and entity vs. personal name is usually the deciding factor.Hope that helps clarify it a bit.

On my end, I’m tightening onboarding and shifting first-line communication to my property manager for future clients, but I’m evaluating whether a retainer model makes sense for existing relationships.

It's a delicate situation due to timing.Perfect World - tenant moves out, current PMC does MoveOut Evaluation and settles security deposit charges & reimbursement, then hands property to new PMC.New PMC does TakeOver Evaluation and finds nothing amiss, then handles pest issue.No, how do you make all this happen, without the current PMC pouting, retaliating or abandoning your property?

To learn that go out and look at  and evaluate lots of properties. 

Please give me all your advice  With ~$5k, you’re not really in a position to buy or flip out of state yet — that amount functions better as education, positioning, or partnership capital, not acquisition capital.Trying to flip or BRRRR remotely with limited reserves usually fails not because the idea is bad, but because there’s no margin for rehab overruns, appraisal gaps, or timing risk.If real estate is the goal, a safer progression I’ve seen work is:Use this phase to learn underwriting and deal analysis deeplyBuild local relationships in one target market (agents, property managers, lenders)Decide whether you want to be an operator or a capital partner before picking a strategyOnce you know which role you’re playing and have reserves behind it, the out-of-state question becomes much easier to answer.

You need to go out into the market and look at LOTS of deals and evaluate them. 

Since it's very difficult to operate properties in this price point profitably and equally as importantly sustainably, if there's an opportunity to make transactional profits you should evaluate that option.

Quote from @D Kimberly: I’m under contract on a value-add commercial property with strong in-place cash flow and a clear refinance path.First-position financing is in process, but I’m evaluating different capital stack structures to optimize speed and flexibility at closing.Specifically, I’m curious how experienced operators here have structured:• Temporary equity partners vs. preferred equity• Short-term bridge capital prior to stabilization• Buy-out provisions post-refinanceFor those who’ve executed similar transactions, what structures have you found most efficient and lender-friendly?