First deal - out of state: Bad Idea?

[Fred Shandler]

I'm strongly considering doing my first deal (rental) out of state (I'm in NJ, property would be in upstate NY -4 hours away). As a first time buyer (and current renter), it is MUCH easier to get started investing in a market that is more affordable, as opposed to where I currently live.

So, I've located a whole seller and, what seems to be, a very good property management company. BUT, after reading MikeOH's book last night (great read!), he refers to this type of deal as "financial suicide" for first timers and that has me really questioning if this is a good idea or not. Specifically after reading the horror stories and realizing how it may be prudent to be within a car-drive away from your properties.

Any feedback, experience, stories would be GREATLY appreciated.