If you die while holding the property, it gets a stepped up value and all the gain is tax free.If rental the taxes can be deferred via a 1031 and if you die while holding it, it gets the stepped up bases with gain forgiven.Hopefully the numbers provide some example of possibilities. 

So the idea of doing this all from afar is a bit daunting, however, I know the most important thing here will be to create a great team and outsource as much as possible.I have set my sights on a couple of different markets being in the Southeast and the Midwest; these markets seem to provide the cash flow I am initially interested in generating to value add to the properties I purchase.

You need to provide at least 30 day notice to a tenant that you will not be renewing in NY State.

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The one aspect I'd say where planning can really provide benefit however is with tax planning.  

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it.We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

With STRs provided he passes "material participation" test and some other restrictionsB.

I personally benefited from this when I first started and now provide my signature to partnerships I am not as actively involved with.

Hi Andrae, the simplest and most risk-averse way to get started investing outside of your local area would be to contact TurnKey providers in the markets you are most interested.

It's the boring places that probably won't appreciate above the rate of inflation that will provide real month to month income.