Why do you invest out-of-state? (folks in metropolitan areas)

[Artur A.]

I live in the Bay Area. I see many deals are positive cash flow (I guess the same in the other metropolitan areas such as NY, Miami, LA). I understand that income/ratio is better in areas like Texas, Midwest, etc. But also risks are higher & much more difficult to manage (property management issues, tenant issues, you can't see the property - you have to fly, etc.).

Why do so many people in California invest out-of-state? 

- diversification?

- in a market crash - prices will go down more in the metro areas than in the periphery?

Thanks