You'll encounter setbacks and face numerous rejections and criticisms.

@Michael WentzelNever seen it done per property but you see in different states so that can make a difference to.

They affect sheetrock and plaster differently. 

Many OOS investors set themselves up for failure because they don't invest the time to ACTUALLY understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.Class A is relatively easy to manage, can even be DIY remote managed from another state.

Different strategies call for different procedures.

You won't have to file a state tax return with Tennessee as they don't tax rental income.You likely want to work with a CPA who understands the different state tax laws.Good luck in your search

That's a whole different animal....then you assume all of the risk and liability.

If you're a single member LLC I'm not sure it makes much difference as it will likely flow through your own tax return anyway as a disregarded entity.

So MSA vs city, is very different #'s.

I'm curious if you focus on Reno or if you diversify between different cities.