Looking at auction property- Need advice! Evansville, IN

[Nicollette Roth]

First post here at BiggerPockets!

So, I'm working at getting over my fear of my first buy and hold deal.  I found a property on an auction site that appears to look good.  Town appears stable, rent is high compared to purchase prices, and the neighborhood looks good.  The auction posting has quite a few photos.  It's obvious that the property needs some rehabbing.  Even factoring in anticipated rehab costs, I still believe that this property will meet the 2% rule.

Here's what I'm hoping you lovely people will be able to help me with:

1. Does anyone have any references for General Contractors and Property Managers in Evansville, Indiana?  This house will need a full kitchen remodel, including removing a wall/moving some things around.  Specifically, I'm looking for someone who I can meet with in person initially, then coordinate electronically, and then have a final walkthrough in person.

2. Who would you recommend getting a title search from?  I am from Vancouver, WA.  Is it better to work with a local title company, or a title company in Evansville?  Or does it not matter?

3. Am I crazy for buying out-of-state for my first deal?

4. Is there any red flags with Evansville, Indiana, that I am missing as a new investor?

Thank you everyone in advance for any thoughts/tips/comments that you might have!!

[Dustin Haviland]

@Nicollette Roth Out of state is no more risky than within your state. Everyone seems to agree that the biggest determining factor is the quality of your PM. Most PM will have a contractor or multiple that they work with for the rehab portion. I would suggest working with a title company that is investor friendly and if possible, run a search report before purchasing. Without knowing the details of the property (foreclosure, short sale, tax lien, etc.) you can always purchase an Owner's Policy through the purchase or after (straight to policy).