Buying out of state investment properties

[Manuel Savorelli]

Hey Board,

I currently live in South Jersey but I've been contemplating buying an investment multi-family down in Florida.  The property is fully occupied and is (and would continue to be) managed by a mgmt company for ~8.5% gross monthly.  This would be a completely hands-off approach.

I'd like to know what is it that I'm not aware of and what should I prepare myself for when investing out of state such as different RE laws, tax implications, fears, insurance rates, etc.

If anyone has anything at all to contribute to this post I'd really appreciate it.  I'd like to be as informed as possible before making any sort of decision, especially long-distance and hands-off.

TIA,

Manuel