Depending on how risk adverse you are, going out of state can make sense, but I always recommend investing in your backyard (or at least being driving distance). 

Your credit at risk and might affect your ability to buy a home in the future. 

Hi we have been approached to rent out our 4BR/2BA residential home to a group home for at risk youth.

There is risk for the landlord in being added as an insured though - specifically if the tenant and landlord are opposed in a matter. 

Quote from @Paul Lucenti: Creative methods tend to increase risk.

We don’t know any PMCs to recommend in the Cape Coral/fort Meyers area, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Relationships are key -this off-market deal was found through a longtime realtor friend and my last seller financed deal was through a landlord/client I worked with for several years. 

IT's the worst place in the world to be a landlord and very high risk.

Hey @Brandon Vukelich, so I have posted several times and in a big post about valuation of a STR.

Taking the risk of a tenant while you yourself are renting is not optimal in my opinion.