How do we feel about buying a rental property 2 hours drive away?

[Nicholas Ernst]

Hello BP friends.  I would love your insight on buying a rental, single family house about 200 km away from where I live?  I should note this would be my first property so I want to manage it myself and get the positive exposure from the tenant search to fixing things etc etc.  The reason that the property would be 200 km away from where I live is because I live downtown Toronto where even parking spaces sell for 65000k so investing near me is not viable.  I am hoping to hear some good pros and cons that cut right to truth of the matter.  Thank you kindly.  

[Jon Kepler]

@Nicholas Ernst, invest in Owen Sound like me!

In all seriousness, if you are going to do this, it's important to have someone near the property who can help you. Frankly, since the distance puts you in a compromised position, you also want to ensure that you are getting paid for your trouble via a very high cap rate. It just so happens that you won't find a better cap than in Owen Sound. ;-)