Quote from @Dan Hertler: I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

Stick to areas with better soil conditions like Frisco, McKinney, and Rockwall, and network with local investors to learn from their experiences.

It feels really unethical.Your comment: "I got a call from my attorney"I'm curious, since you have legal representation that you are presumably paying for, why are you asking people you don't know, who aren't there, haven't seen the paperwork, don't know the local laws or the situation, instead of asking your attorney?

I spoke to local owners who have been audited for increasing rents without there permission and they had to pay back the difference!

I have a lot of personal experience with BRRRR—both from building my own rental portfolio here in Memphis, TN and from helping both local and out-of-state investors successfully scale their portfolios using this strategy.One of the biggest advantages I’ve been able to offer my clients is structuring deals with hard money lenders in a way that allows them to acquire properties with less than $10,000 out of pocket in most cases which results them in massive cash on cash returns!

I recommend you discuss and plan this in depth with a local lender who knows your market well. 

Got to local REIA meetings or use Facebook.  

Do you invest locally in Tampa Bay or out of state? 

I am local to the Memphis market.

What I love:  Old Man Dan at a local Umpqua bank.