Remote investing, what do you think?

[Joe Henry]

I've heard the phrase "live where you like, invest where it makes sense" (or something like that). What's your opinion on investing in multiple states or investing far away from your home? Pros, cons, why it does/doesn't make sense for you (and if your a distance investor, how do you go about finding those remote properties). I'm still very much in the process of figuring out where I want to live, and where is a good place to invest (I'm basically 100% flexible on where to live).

That leads to my next question - what are some good cities/areas right now for cash flow investing (for 80k - 280k properties) and would you invest in a town that is losing population?