Any tips for out of state buying?

[Rosalie Evans]

I am looking for tips to not get taken advantage of while buying out of state. I just got out of a contract for a property that was supposedly "move in ready" and "available for immediate rent." The house had purportedly been updated and maintained over the years. However none of that was true. The home inspector flagged about 60K of issues of major and minor concern. So any tips so I do not have to do this again? I mean other than a inspection and a video tour? 

[James Wise]

Quote from @Rosalie Evans:

I am looking for tips to not get taken advantage of while buying out of state. I just got out of a contract for a property that was supposedly "move in ready" and "available for immediate rent." The house had purportedly been updated and maintained over the years. However none of that was true. The home inspector flagged about 60K of issues of major and minor concern. So any tips so I do not have to do this again? I mean other than a inspection and a video tour? 

 I've given the punch list below to many out of state investors over the years. It's pretty simple stuff but you'd be surprised how often new investors don't think about all of the things on it. If you follow this punch list you'll go a long way to reduce your risks no matter which out of state market you decide to invest in.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estate
• Understand you can not eliminate all risk, only mitigate it. If you are risk averse, real estate, (especially out of state) is not for you.