the one thing that my property manager is really good at is telling me how something isn't her job. 

How ever I do have a problem units are in a small college town and property manager is great but doesn't document the units as well I would like.

This can spread investor risk across many assets, states, and borrower profiles, but some investors find it harder to underwrite since you don't truly know what the fund manager is going to buy.

This allows you to create super targeted campaigns, filtering by prospect attributes, property attributes, and more.

One of the core roles of a property manager is marketing and filling the vacancy quick.

Inevitably you have higher tenant turnover, resulting in higher operating expenses, resulting in an owner disappointed with their property manager. I

G'Day Hughston,The best advice I could give would be to not invest out of state unless you buy turnkey.But that's just me being biased.The second best advice I can give is to focus more on the people that you will be working with over the stats/demographics of a specific area.I'm sure that this has been covered many times in the various BP books but to this day it rings true.You will heavily have to rely on the folks on the ground.They will either make or brake your investment so choose them wisely.If you buy the best house, on the best street, in the best area with the best capital growth projections.But your property manager is incompetent or a cheat.You will loose money.So, team first, area second.Much success

A property manager is relationship based, not transactional based.

@Matt OwensOut-of-market investment provides affordability, diversity, and greater returns, but it also involves managerial issues, a lack of local expertise, and travel expenses.

I suggest brainstorming your goals and clearly defining what attributes you are looking for in each property.