Out of State Investing

[Nicole Serras]

Hey BP forum,

I am from and based in NYC, because this market is extremely expensive to get into I was thinking of going out of state to get more bang for my buck. I was looking into Houston, TX, maybe Pennsylvania because it is closer to NY.  Ideally I want to get into multi family properties that need a little bit of help, so I can Rehab and rent to tenants in that different state, hopefully with a rent bump. Worse case if renting is not working hopefully the rehab will be substantial enough that I can sell the property for a profit down the line. 

My question is where should I start? Should I pick a market and research more in depth? should I talk to a real estate agent to help me find the right property? Should I be trying to get pre approved before anything and see what kind of mortgage I can get as a first time buyer? Any and all help is welcome. Also if you guys have any markets you think can be lucrative pass them this way as well.