Out-of-state deals

[Nelson M.]

Hello everyone,

I think I may have found a niche that could work for my situation but I'm looking for some advice first. Living in New Jersey, I realize I can't invest locally yet because I lack the cash and because the ROI numbers don't look so good around here, but seeing all these listings in low-rent areas that show positive cash-flow is quite exciting. Recently I've been considering purchasing $20k-50k homes that are in good condition and tenant-occupied, so my question is, does anybody have any tips for a first-time out-of-state investor? Some things to look out for? Past experiences?

I'm interested in states like Florida and Wisconsin, just to name a couple. Not necessarily in the worst neighborhoods, but places where average real estate prices are relatively low and the quality of life is still decent. 

I've read the books, I've listened to the podcasts, I've ran conservative numbers, but I believe there is nothing as valuable as actual experience. So I figured I'd ask the helpful community of BP for some insight before I embark on this journey. 

Thank you all in advance!