My team and I are also out-of-state investors, including a managing partner who was born and raised in Toronto.We’ve been investing in Cleveland for a little over a year now and currently own 22 units in the area.

I have some clients who prefer to have a PM for maintenance/contact/rent collection/general management and will place tenants and write leases for themselves in exchange for a reduced rate.  

In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.

Networking with Canadians who’ve invested in the U.S. and finding good local agents or property managers will also help a lot.

You can also partner with experienced investors who have the funds but need someone to find and manage properties.

Learn how to manage better.

It is our job to manage the risk at the inception of the project.Thanks for the info and comments.Alan.Good info.I don't mean for you to talk out of class, but Pace Morby says in one of his recent videos that he is doing "table top" closings (closing outside of escrow)  "because he knows what he is doing". 

By carefully managing the scope and cost of renovations, you can maximize the return on your investment.3.

The next one was also a corporate cash buyer and after our second call, the acquisition manager confessed to me that he just got the job and asked me if I could train him on how to evaluate a deal!!!

The key to investing out of state is finding a good property manager.