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.

I suggest you take a few trips out to Philly and explore the different neighborhoods to determine where in Philly you want to invest and what areas you want to avoid.

Basically, 24 different properties spread across 3 Florida counties will need to close all at once during one closing.My thought is to do a quasi-double close/bridge loan where I bring in a partner to fund the deal (about $5 million), and then have separate closings as quickly as possible after the fact in which we sell the other properties we don't want. 

I suggest walking the neighborhoods at several different times--early morning, early evening, and night especially.