HI @Todd Magin
you are making a very valid point. First property may create some stress because investor faces many decisions. If I were you, I would not be so concerned on geographical location; instead, I would dig for the highest ROI. Actually, none of property owners in my networks is "local" or based in Central Florida (our business is in Kissimmee). Besides foreigners, majority of American investors come from NY and NJ. For example, today we leased two units, which owner is from NY, and he owes 15 properties in Central Florida. His goal is 20% ROE and he goes anywhere it takes. The main difficulty is to find the right deal. @Account Closed can truly assist. He emails investors the rich list with off market properties and provides variety of estimates and figures related to deal. His great tools help investors to decide. When you find the deal, I recommend to verify with the property management company potential income that property may generate. It is good to see what the realtor says, but property manager will be the one working on tenant placement. You will be surprised how sometimes opinions of these professionals may differ. Finally, I dont think licensed property manager needs too much supervision. There are so many controllers that make investors's life easier. Among them DBPR, association, HOAs, tenants, and etc. If something may go wrong, you will receive a signal.
I wish everyone happy New Year, and I am open to brainstorm and share my experience with you.
