I’ve read an article from fortune.com stating that renting is now cheaper than owning in Americas 50 largest metro areas.

There's always going to be a war, pestilence, famine, political power struggle, uprising, strike, terrorist threat, meteor, volcano, tusnami, or other disaster looming on the horizon - and it's impossible to state what the next cataclysm will be.

I’ve helped many investors with properties in Maricopa County and most are out of state so I understand the challenges and obstacles.

Regards Going to depend what route you go through (conventional - or DSCR with an LLC etc.) also I believe what state you are in matters - states can vary how they treat marriages and guarantor / requirement rules

Separately, there may be issues if the executor resides in a different state from the decedent depending on state laws.

Sell and buy 10 places in a better state.

Troy,In addition to what Melanie listed I would add, you need to find out about the local, state, or federal guidelines (if any) that impact the setup of the property.  

Thanks for the reply, how easy it that to do when you are an out of state investor?

Don't be afraid to invest out of state.

Which he clearly states repeatedly does not count.