The key is to take your time assembling a quality ground team of experienced professionals.

I also believe in diversification.If you had bought gold prior to crash you would have killed it.Equities and REI in bull markets.Gold, Silver bullion and cash for bear markets.Also avoid class A rental units for now till bear market returns.Build up a LOC, banks are allowing you to open up non-collateralized personal lines for cash reserves at 8% APR for those that have +800 FICO credit score at 0$ cost.

In the same manner they chuckle at the profits, overseeing the trade minions doing the real work,and teams they’ve assembled, the big bankers look at them in the same fashion, chuckling at them, hoping they do all these Brrr strategies, over levering and crashing when the economy tanks!

You could literally stand outside one of the homes, hit up the first agent you see, and you'd be far more likely to find an agent that's a good fit for what you describe, than you would by finding a rando on Zillow or Yelp where it's just a numbers game and an assembly line. 

Basically my advice is unless you have your own team on the ground that you personally assembled I would not be doing deals in random locations.

The most important part in my opinion for OOS investing is assembling a team of realtors, lenders, contractors etc..

Also it takes just as much time and effort to assemble a 50g transaction as it does to assemble one for 250g.

They don't have a plan, they don't have their financial affairs organized, they don't have their team assembled, they don't know what kinds of properties they want--that's right, they don't have their poop in a group.

As long as an investor knows how to qualify a market, buy right so a property cash flows with property management built in, and assemble a team, in many cases, out of state investing makes more sense (especially if you live in Calif).

I just assembled my team and I am ready to go.