Anxiety of buying my 1st out of state property

[Craig I.]

I'm in the process of searching for my FIRST OUT OF STATE MF property.  I'm putting my best foot forward on this, but as I'm getting closer and closer to making this a reality, I'm getting more anxious. Hoping that I can get tips on any of the following questions so that I get best put my nerves at ease. Trying to avoid analysis paralysis...

Property: 

1. What are the top things to inspect on a Multi Family property? If there are issues with these items are these major red flags?

2. Utilities, I'm hearing that there are cases where owners may be paying some of the utilities vs the tenant. What are the challenges with this and does this make managing the property vastly more complex? (I'm planning to use a property manager)

3. Air Conditioning, if an city is hit or miss with A/C units does this play a large factor on rent and/or property values? If there isn't one present, has anyone seen any ROI benefits of the installation?

4. Basements, so I'm in CA and basements are not a thing...anything key to be on the lookout for?

Existing Renters

1. If a property has existing renters are what are key questions or top of mind items to be thinking about when acquiring the property with existing renters?

2. If the existing renters are month to month, are there any best practices to recommend when acquiring/closing on the deal?

3. If the existing rent $$  is subpar, are there any best practices to increase or obtain new renters?

Property Management

1. What are key questions to ask to aid in the vetting process?

[Nathan Harden]

My first ever Buy&Holds were out of state.. You mentioned that you live in Cali and the house you are looking at has a basement... Midwest perhaps? If so, I did the same thing. I live in WA state and bought my first 4 properties in Ohio.

Word to the wise, it can look good on paper but the old saying "you get what you pay for" holds very true in a lot of those markets. Be careful where spending your money over there. You can strike Gold or be dead in the water. I recommend visiting the area first. A $500 plane ticket could just save your bank account.