For a quick flip in the 757 without touching your current loan, line up speed capital and a clean exit before you offer: build a small bench of hard money and private lenders, compare total cost of capital and minimum down, and target light, cosmetic value-add with multiple exit options.

Here’s the backbone that keeps LTRs smooth and your time protected.Core SOPs to copyLeasing flowPrequal script: income, pets, move-in date, red flags noted in CRM.Showing checklist: lights on, scent, lead feature highlighted.App-to-lease in 24–48 hrs: if approved, send lease, utilities, move-in funds, renter’s insurance, keys.Listing refresh: new cover photo, price check, first-line incentive every 7 days till filled.Rent collection and late processDue 1st, late 5th, notice by 10th.

Guidelines to follow:Only buy in low-cost markets if your costs stay under 75% even after paying for two major capital improvements, such as a new roof and a new water service line.Make sure you can eliminate all obvious safety and health hazards—like broken sidewalks, missing railings, lead paint, or poor lighting.

For a first long-distance investment, using a good local property manager is key to handling day-to-day operations, and starting with a turnkey or light rehab property can help you get comfortable managing rentals without taking on too much risk.

I wouldn't suggest to start with a gut to the studs type remodel, but be willing to put sweat equity into painting, updating light fixtures, updating hardware, ie making things more current/timeless.

Starting off I’m looking for light to medium rehab while I learn the process.  

You’ve got two parallel plays: 1) The condo: don’t move a dollar until the HOA gives a written green light on your desired rental type; if restricted, price a sale vs LTR hold and include dues, special assessments, and an off‑ramp if they delay. 2) The house‑hack: use the bank grant plus your cash to target a small multifamily you can live in; lock financing first, verify rents in writing, and buy light‑rehab so you’re not managing two rehabs out of state.

We can also likely look forward to less volatile rates and housing market confidence.50 Year MortgageThis weekend, the idea of a 50 year mortgage came to light as the FHFA Director Bill Pulte announced.

Keep it simple: pick one stable, landlord‑friendly market, target small multis in B/C areas with light value‑add, and insist the numbers cash flow after vacancy, taxes, insurance, PM, and CapEx.

Light rehabs where you can force a few hundred bucks of rent growth are gold for new investors.