It is surprisingly easy to manage out of state and if you want more tips on how, check out Bigger Pockets book "30 Day Stay" on Mid Term Rentals. 

Now the paper losses are still able to be realized via the holding companies while the management fees are earned tax free?

Quote from @David Epstein: I everyone, I know this is an older thread, but I'm also now getting into properties in the Albany area and am in need of a CPA with real estate tax knowledge for advance planning.

FHA now allows us to count rental income from an ADU (additional dwelling unit) to help borrowers qualify.

But also with low debt or free and clear property that they can easily access any time in the future with a cash out refinance.

I have 0 experience ground up construction loan program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable. 700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units.

Quote from @John Aaron: Anyone know any hedge funds that’s buying right now and their buy box? 

So, I took it off my Application and haven't really thought about it too much since then.I don't remember now where I first heard about it. 

This totally would have been a deal breaker had I known before signing up, but now I'm too far into it to turn back, so I need to make something work.  

I have close to 1,300 units now of days.