Curious | Where you know vs. Where you live | Distance investing

[Elliot Adkins]

Fellow BP members,

Doing some surfing and reading on BP and thought of a question: Is it better to invest in the place you know (for example, a place you spent the last 5 years living) or the place you live (for example, a new city in a new state that you just moved to but will be living for the next several years)?

Which is better? Where you know or where you live? A combination of both? Strictly dependent on each market's current performance? What are everyone's opinions about investing from states away?

Just interested in what people will say. For the sake of the question, lets assume by "invest" we mean mostly buy and hold multifamily but there is also the possibility the hypothetical investor will also do some SFH rentals or even a few flips per year. Thanks!