Ok...sorry for the long windedness...but here goes!!
Being an investor myself and owning a property management company, I can tell you that in Houston Tx there are a lot of out of state and out of country people buying what they can. We manage over 400 single family homes and 55% of our owners do not live locally.
I think the key to buying a out of town home or I guess the new sexy term is "Turn Key" basically I am assuming that means the investor doesn't need to do anything and the on the ground team handles everything. Anyways, I think that it needs to have the mindset of a partnership. Not financially or sharing in the ownership, but as a management company I feel that when an out of town owner is buying something they are trusting us to make sure they are not buying a mistake. When I get involved with an investor asking me to help or my opinion I always want to know what is their exit strategy. 3 years, 5 years, never... Then I want to know what is their goal, live off the cashflow or more of a speculator and appreciation with a modest amount of monthly positive cashflow. From this information I can help them on seeing if the deal they are looking at is a good fit. I would not suggest an investor buy a $200 cashflow property if they need it to live off of because they just quit their job.
When an investor finds a certain property and wants us to get involved, I feel that being a good partner and management company is to lay eyes on the property and let them know what I think. We will go to the property free of charge while it is under contract and provide them with a full interior and exterior video of the home, with it being narrated as to what we think of things as we are walking thru it ( How the walls look, carpet cleanable or replacement needed, landscaping, street traffic... etc.) we also give them a full professional investor assessment of the home. I feel that along with them getting an inspection, appraisal, and our assessment of a real live video. Gives them a good feeling or bad on the property. But I am talking to them as a fellow investor not someone that wants the business no matter what.
Also this is when I come back and let them know my thoughts and if I think it would be a good rental or are they buying a problem and the agents and everyone involved is B.S.ing the guy / or gal because they are not here.
So to me the turn-key is great, if you have the right team and that team has the right mindset. As soon as someone does not want to do their part then that is not a teammate that you want to have for your successful formula.
Again just my opinion and how we handle our out of town clients.
