-While rent would be more expensive month by month, the idea of being able to take my equity out of my home and also being able to reduce annual repair costs, property taxes, etc. does seem appealing to me. 

If you're using Zillow or the tax district or almost any public facing website, I always question how good the comps are.   

Estate Planning and Wealth Transfer: If you're building a portfolio to pass down to your family, life insurance ensured your heirs inherit your properties without the burden of estate taxes or forced sales to cover expenses. 3.

I always like to look at several years worth of property taxes.

Of course, I had to make additional assumptions about the cost of property taxes, insurance etc. 

I bought it last year and thus far have: 1) Appealed assessed value to bring down taxes, 2) Got better (less expensive) insurance, 2) Rehabbed 3/4 units, and 3) increased rents $300-$400 per unit along the way.

Considering buying the corp so avoid land transfer tax - that might help with the numbers.

Besides lists from the tax assessor, how are you finding your deals?  

David,Yes, investing out of state can be a wise choice especially if you live in a State like CA, NY, NJ, CT where home prices are over priced and taxes are brutally high.

Tax impact, cash flow, leveraging, etc.