I invested $ 165K from IRA to buy a lot and develop it into a building.  

If he had no immediate prospect of higher income I'd agree, but he showed me $12k in savings, plenty to cover the gap till his raise, and his mother offered to co-sign. 

Other than that, in general terms, you need to learn 3 things:1 - How to analyze Markets...not properties2 - How money works3 - How to develop, and stick to, a REI Business planAll three are critical to your success, and all three are equally important, and in fact, depend on eachother.

You could also make an argument that out of state investing forces you to develop the system and network from Day 1 that will move you closer to passive investing than if you invested down the street. 

Can you share some of your tips on how you go about developing these relationships?

MWC is definitely heating up (major development going on on 15th and sooner currently), but there are def. still deals to be made there. what is your strategy?

@Colleen Ross I've had it done two different ways when it's an apartment complex or PM company. 1) Have the prospective tenant sign a form allowing for the release of information2) Have the prospective tenant send a form requesting they fill out information and send to the fax number or email listed which would come directly to me. 

. - Self managing a couple units is a great way to learn the business.Property Management Software - check out something like Cozy.co - it helps you list/market your units for rent, lets prospective tenants apply online and does background & credit checks, then once you place a tenant they can pay online along with submit maintenance requests.

It would be worthwhile to develop a relationship I think.

I can’t even begin to quantify how much BP has contributed to my success and personal development.