This is 100x more true if the property is in a C or D area.I'd suggest reading up on the topic on the forums, where you'll find many examples of inexperienced investors crashing and burning hard trying to do OOS REI...the story is usually the same--they had no experience with REI, they couldn't find any cashflowing properties locally, but they saw that properties in other states (often the Midwest) cashflowed well on paper.

I got burned by multiple contractors out there so be careful who you hire.

All I can say is I have a burning desire to gain the knowledge necessary for success in real-estate.Down to the point of this post, I would love to hear from any of you who would be willing to provide me with suggestions of materials that were key to YOUR success and how it helped you.

In this situation i would look into refinancing from a Variable into a fixed just to drop payments and stay afloat if you can't afford the $150/month burn.

However, my 8-unit just burned down a couple days ago and it is not livable (and won't be for some time). 

Quote from @Timothy Burns: It's at 24 degrees tonight. 

Sounds to be like "burn-out" on single family homes, I'd rather have 3 houses than 6 apartments any day (comparable properties), from just about all aspects, financing, liquidity, marketability, vacancy, insurance and time to manage, residential SFDs edge out small multi family in my book.

I like the potential return the pro-forma shows, but I've been burned a couple of times already with expensive turnover, tenants leaving a mess and having to pay thousands $ to remove the junk and prep the unit for new tenants.

@William Burns you with RE/MAX Grand Rapids and investing in Detroit?

Many wholesalers crash and burn because they miss this point, focusing too hard on sealing the deal instead of really listening to the people they're supposed to help.