Buy all cash and repair, get tenants in them and then do a cash-out refinance with a conventional lender to get my cash back.My market has been consistent with values of housing and rental market but has recently gotten much hotter as we are seeing some effects of an oil boom that is happening about 45 miles west of us.

My husband and I are thrilled and a bit nervous about closing next week on our first property--- 3 four plex's a mile from our home.

Mooresville is about 25 miles from Charlotte. 

Hi Amber Koontz and Jane Alstatt,First of all sorry for the delay.These are two apartment communities located approximately 2.0 miles from the Houston Galleria district and comprises a total of 1,416 units and almost 40 acres of real estate.

Am I crazy to purchase property thousands of miles away?

To your credit you called it a pig from 3000 miles away!

Comps should be within 1/2 a mile to 1 mile away preferably. 30 minutes away is light years away for determining comps.Crossing state lines aside, your market can be completely different from one street to the next let alone a completely different city.

Once the ball is rolling I want to move toward the city (30 miles north), buying, renovating and flipping beautiful Victorian homes near Lake Superior for a greater profit.

Also, what is the typical pricing for such a project within the SouthEast region?

Personally, I would be highly concerned for my long term well being if I were living in Tokyo which is about 40 miles further north than Yokosuka.