Markets: stick with one or diversify?

[Paul Yan]

I'm looking to hone in on a market for my first out-of-state property and wanted to get your opinion - what are the pros/cons of building a portfolio of properties in the same market vs diversifying by purchasing properties from different locations?

I've been presuming one con for different locations is that you will need to build out a unique team for each location. This makes me think the first property location is an important decision because the following properties should be in the same location to take advantage of the team you've already established for the first. Am I off base? Are there compelling reasons to purchase from different locations?