Downside to Out Of State investing for cash flow now in 2020?

[Karan Chandran]

Hello...I am new to this forum. Live in SoCal and have been investing in SFRs mostly and one Multifamily since 2009. I have sold most of my investments due to capital appreciation (yes! I did pay pretty hefty taxes but am good with it). I was looking at OOS investing including turnkey investing. I like the cash flow aspect of it but I am worried about price depreciation(I feel like the prices are too high now in 2020 at least in So Cal) and big repair expenses that could drain all the profits and put me in a negative. Also, the property management costs when you add everything up such as the monthly 8%, lease fee of 75%, renewal fee, bi-annual inspection fee, 15% margin fee on repair etc. seems like a lot and in the end, they make a lot more money on my investment than I do with little to no risk while I am taking all the risks. Can anyone with experience in OOS investing give me some advice on this? I'd like to learn more about the risks associated with this type of investing and how to mitigate them. All your advice are welcome and appreciated! Thank you!