Should I try to buy a house now in a different state to use as a rental?

Husband and I currently live in florida, will be moving to Oklahoma soon for 7 months, then to who knows where (we’re a military family). ALL my family is in Indiana. My father runs a construction business (framers) and the family is used to working together, like my two brothers work for my dad and will eventually take over if that’s what they want to do, but of course construction isn’t what it used to be. In the mean time my parents are buying up really cheap properties and turning them into rentals so they’ll have decent income when my dad stops building houses. Prices in Indiana are always pretty good and with this economy, even better. I was considering looking around for just one simple, and cheap property, maybe 50,000 and having my dad be in charge like a leasing agent would for inspections after people move out and such, and of course he’d get paid for it. I really don’t think we’d have a problem family wise, but I’m unsure if I should take a leap. At that price range, with a decent mortgage rate, what would my approximate payment a month be you think? I’ve done some mortgage calculators, but I’m unsure about taxes and insurance. Is 500 a month realistic? Is it way more complicated to buy a house when your out of state residents? I want to step into a bank/go on base to find out about VA loans, but wanted to find out a little before heading in. Thanks for any info, advice.

I have been offered a 60K job in Sierra Vista, AZ. And my wife and I are having trouble figuring out how much home we can afford! Most online calculators are showing us from 120s all the way to 220s!!! We would like to stay within the in the 26%/33% or close to the rule of thumb when it comes to debt. We will be able to use a VA home loan, since I am prior military. We have approx. 10K to put down and have approx. $ 800.00 in school debt, cars payments, CC payments, etc. Any help on getting us a solid number would really be appreciated. Thanks in advance!

Jason
With a VA loan you don’t have to pay PMI correct? But a VA loan is not the way to go? That’s interesting. Also we are thinking a 30 yr loan which is between 6.3 and 6.5 I believe. Does this help narrow it down at all?

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