But even if it is break even or slightly positive, do you want a property thousands of miles away where you are one vacancy or one weather incident from a very negative situation?

After looking around, we found a 2007 Camry for $16K with 28K miles.

In California, where I live, I'd have to 45 or so miles out to find something that has even near similar cash flow opportunities, and again I'd be going against people that have quite a bit more leverage than I.

I have a colleague who says she makes money owning properties, despite living thousands of miles away.

IN Chicago we don't tell distance by miles, we tell it by time.

That guy is miles more savvy and intelligent than me, and is advocating a strategy that I wouldn't touch with a 10-foot poll.

We live in southern California, 10 miles straight line from the Pacific Ocean, and my business is based here.

Or what about the Chevy Volt that is coming in 2010 that I am hearing may get a fuel economy rating of 100 miles per gallon?

I'm thinking maybe a 50 mile radius.

Use a realtor who has experience with running tight comps no more than a half a mile.