As you were in property management, not sure if you ran your own company, but as you look at it..

I know nothing about which state is best to invest in, and obviously I would be using a property manager.

After about 10 years I have accumulated a fair amount of small multifamily properties. 

You can't do that if the property is out of state.

@Isaac Terry Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Do you have any types of properties for rental (SF, 2-4 MF, or 5+ MF)?

Are you looking to buy & hold, fix/flip, or wholesale properties?

Almost everything can be done virtually these days including many property management functions. 

Property values soared high in this town since past 7 years.

I have been going through this thought process recently running some numbers to on a few investment properties for my wife and I.