I think, as some others have said, that your price point depends on several things, where you are investing, what you can afford, what you are comfortable with, etc. Personally, I'd rather have a $50k deal go bad than a $150k deal. That being said, I try to be very hands on and well informed to make sure no deal goes bad (or at least worse than it has to given my limitations lol). I invest out-of-state, but I invest in an area I know pretty well, my former hometown.
Also, I've got 2 agents I work closely with. (One I work with for higher priced properties because she's more experienced and loves me like a daughter and would never purposely steer me wrong. One I work with for lower priced properties because he has no shame and will submit a super low offer, not to mention, he doesn't mind showing me a $30k property that they other one isn't comfortable with.) I've been to multiple houses in person with both and know that we are on the same page regarding an acceptable amount of rehab.
I know and trust their opinions on rents and neighborhoods (though Auburn, AL doesn't have any true "war zone" neighborhoods, so I could feel fairly comfortable with that, even if I didn't trust them in this area). We've discussed areas I like and don't like as well. They know what I'm looking for and are even willing to show me a property via Skype when I can't be there. (We did that last night.)
To me, it's not so much about how much to invest in out-of-state property, but investing wisely with a good team at a price point you are comfortable with. I have a contractor that has a key to my newest property. While he's not the cheapest or fastest guy in town, he does good work and is trustworthy, so for me, I'd rather deal with him than someone I don't know since I'm OOS. (Though, at least in my situation, I found Lowe's is often reasonably priced, compared to other folks, so when I'm in town, I've got several projects planned for them to do because they will work more quickly and can do several projects simultaneously and I know I have recourse if there is an issue with the quality of the work. Just an FYI...)
Personally, I wouldn't invest OOS with someone I've never met in an area I've never been to, especially if I also have no friends or family in that area as well. One benefit to having friends and family in the area is that if you don't know the agent really well, you can have one of them go with the agent to see the property while you FaceTime/Skype/whatever and later talk to them about their opinion of the property. Another huge benefit is a free place to stay when you go see your properties. Because you need to visit them at least annually to be sure things are going as well as you think they are. Your idea of going find and your property manager's idea of going fine might be different. I know this for sure and just changed property managers 2 days ago because I was fed up with mine and their opinions of timely repairs, what actually needed to be done, etc. This new management company said most repairs are completed within 24 hrs of the request, whether it's mine or the tenants. The last company took 8 months to paint my trim and 5 years to replace a mail box, even after the door fell off the front. This was before I was as actively involved because I was still in the Army and still trusted them to do their job. Anyway...
To me, the best way to start investing OOS is to find a location, preferably where you've lived before or at least know folks who can tell you about the area and hopefully let you stay for free when you visit. Figure out your strategy (though this might change as you look at properties--also, note that not all strategies work in all areas). After finding a location and picking a strategy, try to find an agent (and hopefully even a contractor if you are doing BRRRR, property manager, bankers, etc.) online. Start looking at properties and talking to the agent about what you want. Make sure the agent is willing to put in low offers (if that's your plan) and show you lower properties (if that's your plan). Fly out to meet the agent (and contractor, property manager, banker, and whoever else you plan to work with). See properties with the agent and make sure you guys are on the same page. Hopefully, you have a friend or family member in the area. Involve them some as well to ensure the agent is being honest and sincere. You'll have to train your agent some to know what you find acceptable and unacceptable, especially if you are looking at BRRRRs or flips. Are you okay with needing a new roof? Are you okay with needing new subflooring? Do you only want strictly cosmetic fixes? Keep working with the agent in person (even if it means having to take several trips out there) until you feel comfortable that you guys are thinking the same. If you continue to have trouble, just move on to a new agent, especially if they seem to be pushing you towards something that you think isn't in your best interest or if they are really not good for working with investors (AKA willing to put in low offers). Once you and your agent are on the same page, you can more comfortably work remotely. This is how I did it. It's by no means the cheapest way, but I'd rather spend extra money flying out than get burned. Of course, this doesn't guarantee I'll be protected, but I feel like it helps a lot. GOOD LUCK!!!
