Like you, when I'm working with clients I highlight the key advantages of the conventional rehab loans (Fannie Mae's Homestyle and Freddie Mac's CHOICERenovation) are:- They can be used for investment properties- You can include luxury items- They have a higher limit – $806,500 in most places.Jeff

If you're new to investing, keeping an eye on property taxes and HOA fees in this area is also key. 

However the key is making sure the numbers pencil out so that, at minimum, even in the worst case, you can pay back that heloc because interest on that is going to be very high.

So, in actuality the divide between “good” PMs and “bad” ones is probably no different than any other service provider, be it real estate broker, mortgage originator, etc.The key word I has in my sentence was MAY; as in MAY be hazardous to your financial health.  

And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

Here is a great read on turnkey investing; Turn-Key Revolution. 

As long as you express the key details of tenant information, lease dates, along with any standard information to vacate, and clear language of "non-renewal".

What is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

The key to investing out of state is finding a good property manager.  

I currently work with investors building their portfolio with Turn Key investments.