NJ is very blue, liberal, tenant friendly state.

The City/County/State rent caps only apply to leases that are being renewed. 

@Kris Lou Many factors go into PMC pricing:1) Locality (city/state)2) Neighborhood & Property Class (time to manage Class A < Class B < Class C < Class D)3) Property condition (slumlord properties hard to manage)4) Number of units (some economies of scale, but not as much as owners think)5) Owner expectations (some owners really want a personal assistant!)

I know a lot of investors have done very well in Peirce County but I just haven't learned or know enough about that market to make an investment there.Washington state properties are expensive and can be difficult to make breakeven let alone cash flow at this moment due to the combination of high prices and interest rates. 

This approach is cost-efficient and eliminates the complexities of dual-state filings.

My wife and I heavily considered investing out of state. 

The city is claiming my 4 unit is really a 3 unit.

I work with a lot of out-of-state investors.

But now you have a challenge of documenting both your time AND time of everybody else involved with the property.Now, to answer your question - is it possible from out of state?

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