Buying Buy and Hold Properties Out of State

[Taylor Horowitz]

I live in the Denver Market and have a buy and hold property in Boulder.  I am looking to grow my portfolio but having trouble wrapping my head around the metrics of making the cash flow work in the Denver or even Front Range, Colorado Markets.  

I am looking at a few properties in other states but am concerned about the challenges of not being present to keep an eye on the property or being local in case something happens.  Is this really as big of a concern as I am making it?  Or if the numbers work? Is it worth the risk to put the management into someone else's hands?

The barrier to entry is lower outside of my own market, but I am viewing it as more risky.