Is it okay to buy and hold in a different state?

[Christopher R.]

Hi! I posted a question in a different post about how it's more difficult to find a property with a more favorable monthly rent/purchase price ratio in the Triangle Area, NC specially close to the Reasarch Triangle Park (RTP). On average, I'm seeing a ratio of 0.6%.

This got me to thinking about other cities I've lived at or have families in. For example, I have a cousin (and her family) who is very dependable who lives in the Richmond/Sugar Land, TX area. It seems like there, I can buy properties with a monthly rent/purchase price ratio of closer to 1%.

Now even if I bought where I live (Traingle Area, NC), I still plan on using a property manager.

Should I really focus on buying where I live and try to patiently wait for a good deal? Or is it okay to accumulate buy and hold properties in a different state if there is someone who lives there that I can count on? What are the consequences of having properties in a different state?