Good move, or bad? 

The type of property can influence the risks you face, so coverage limits matter.

These are the best options for finding sellers willing to transact in today's market at cap rates that make sense to the current interest rate environment, in order to capitalize on the upcoming favorable market conditions over the next few years such as spiking rent growth, falling vacancy, and compressing cap rates.Interest Rate ProjectionsLooking at the Federal Reserves Dot Plot, which is released every quarter and is the federal reserves outlook on where they believe the Fed Funds Rate, which does not control fixed-rate financing but does influence it, as well as directly affects floating rate financing, is predicted to be 3% - 3.25% by Year End 2027 (Source), currently sitting at 4.25% - 4.5% today.

What changes did others incorporate into their leases that were influenced by this years tenant interactions? 

@Paul Lucenti  "I don’t believe there can be a bad asset - if something is lining your pocket and you are establishing equity, that really cannot be bad.

I have heard both the good and the bad sides of investing out of state and so I am curious to know what other's experience has been? 

I'd be interested in hearing from condo investors about why this real estate product makes sense even with the low COC returns and HOA fees that cannot be influenced?

Yes its a very bad idea.

I get rid of bad tenants regularly and have never paid any of them to leave.

We don’t know any PMCs to recommend in the area mentioned, 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.